Technical Analysis of EUR/JPY for May 11, 2016
Technical outlook and chart setups:
The EUR/JPY pair has almost touched expected resistance at 124.50 levels yesterday before reversing lower. The pair is seen to be trading at 124.10 levels for now, looking to resume lower from here. Please note that it is still possible that the pair could re-test 124.50 levels and another high is printed before finally reversing lower. It is recommended to remain flat for now and wait for another high or re-test of 124.50 levels to go short. Immediate resistance is seen at 124.50 levels, while support is at 123.25 levels respectively. Bears should take control and resume downtrend soon now.
Trading recommendations:
Remain flat for now. Look to go short around 124.50 levels.
Good luck!
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