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FX.co ★ Technical analysis and trading recommendations on Yen against EUR & GBP for February 24, 2015

Technical analysis and trading recommendations on Yen against EUR & GBP for February 24, 2015

EUR/JPY

Today, Greece has to submit a list of reforms to the Euro group. They missed the Monday's deadline. The reforms include improving tax collection and curbing tax evasion, control smuggling of tobacco, and corruption. Yesterday, BOJ monetary policy meeting minutes were released. The members agreed the Japanese economy is steadily recovering on exports. Exports had shown signs of picking up. At the early Asian session, the euro is trading higher against the Yen. The cross has immediate support at 134.40. On the h4 chart, the prices are making lower lows and lower highs formation. The weekly resistance is found between 136.60 and 136.90. The cross made a double top at 136.68. On the down side, the prices formed a base support between 132.38 and 132.28. The intraday resistance is set at 135.20. We recommend fresh selling below 134.40 levels. At yesterday's session, we recommended selling below 135.25 with the targets at 135.00, 134.75, and 134.40. The cross made a low at 134.44. Sellers commanded at yesterday's session. Besides, you are recommended fresh buying above 135.20 with the targets at 135.90, 136.20, and 136.60.

Technical analysis and trading recommendations on Yen against EUR & GBP for February 24, 2015

GBP/JPY

The Cable has been extending its rally against the Yen for four weeks in a row. The pair is facing strong resistance at 184.20. If the prices close above 184.20, bulls can challenge 187.00. The prices are facing strong resistance at the 23.6 fib level and the bullish top end channel. The prices formed a support base in 181.50. The weekly support is seen at 181.90 and 181.00. The pound favors buying on dips against the cross currencies. The intraday support is found at 183.30. At yesterday's session, we recommended buying with sl 182.80 with the targets at 183.50, 184.00, and 184.15. The cross made a high at 184.00. Until the cross closes above 181.50, the long trade remains in play. For an intraday view, we recommend fresh buying above 184.20 with the targets at 184.40, 185.00, 185.40, 185.80, and even 186.80.

Technical analysis and trading recommendations on Yen against EUR & GBP for February 24, 2015
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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