Technical Analysis for EUR/JPY

Technical Analysis for EUR/JPY

The pair attempted to extend gains above the previous recorded top at 134.93 but the sharp bearish start in Asian trades Wednesday forced the pair lower again around MA 50. Stochastic is approaching oversold areas supporting chances for the upside move again which mainly depends on trading within the current ascending channel, targeting areas above 134.95 to extend upside targets towards 136.65. The bullish expectations remain valid as far as 133.15 areas remain intact.

Support: 133.80, 133.45, 133.15, 132.65, 132.25
Resistance: 134.95, 135.35, 136.00, 136.65, 137.00

Recommendation Based on the above, buy the pair above 133.80 targeting 134.95 then 136.00 and stop loss at four-hour closing below 133.05