EUR/JPY Technical Analysis Pair for November 05, 2015
Posted by FXTimes in Featured - November 5th, 2015 5:00 am GMT
A 4H chart view has been presented here, for immediate wave structure. The EUR/JPY pair looks to have found support around fibonacci 0.786 levels (131.80/132.00) for now. Also note that a probable tweezer bottom candlestick pattern is also in place here, indicating a potential rally ahead. Bulls are expected to regain control from current levels, provided 131.50 levels hold good. Now, if this count is true, expect EUR/JPY to rally through at least 134.50 levels in the next few trading sessions (5-7 sessions). Also note that the past support turned resistance zone (134.90) is also pretty much near the expected bullish targets. A bearish reaction there, could reverse the pair lower. Immediate support is seen through 131.50 levels (interim), while resistance is at 133.50 levels and higher respectively. The RSI is picking up again from 30 levels, which is encouraging for bulls.
Long now, stop just below 131.50, target 134.50.