FX.co ★ Technical analysis of EUR/JPY for January 15, 2016

Technical outlook and chart setups:

The EUR/JPY pair might be preparing for an extended rally towards at least 134.50 before producing a meaningful correction. The pair is expected to remain above the level of 126.00 with bulls poised to regain control and push it higher. As discussed earlier, again please note that the pair has bounced from the Fibonacci 0.88 % support levels around 127.00 and is currently trading above 128.00. It is a matter of time before the rally accelerates towards 132.50 and 134.50 respectively. Immediate support is seen at the level of 126.00, while resistance is seen at 132.50 respectively.

Trading recommendations:

Remain long with stop at 126.00,a target is open.

Good luck!