FX.co ★ Technical analysis of EUR/JPY for January 08, 2015

Technical outlook and chart setups:

The EUR/JPY pair is poised to turn around from current levels around 141.50/60, and resume rally towards potential highs in the days to come. Please note that the pair has produced an engulfing bullish reversal signal around the fibonacci 50% support levels, just shy of 140.00 region. It is recommended to hold long positions taken yesterday. Risk remains at 139.50 for now. Immediate support is seen at 140.00, followed by 137.50 and lower, while resistance is seen at 145.00, followed by 147.00, 148.00 and higher respectively. Bulls should remain in control as long as prices stay above 140.00.

Trading recommendations:

Remain long, stop at 139.50, target is open.

Good luck!