Currency Analyst since 2010

FBS: trade recommendation for EUR/JPY

Tatiana Norkina, an analyst of FBS

The currency pair is trading above the important support level of 137.00. The clearance of this level would mean the motivation of the bears to continue the down trend.

But in the second half of the day buyers were active on the market today, they have returned to the price to the morning levels of 137.30 / 40.

Bollinger Bands narrowed at the horizontal Moving Average. If another attempt of bulls to establish a new daily low fails, then an update lows can be expected.

The MACD histogram is increasing, though it is in the negative zone, this indicates the lack of benefit of the bulls. At the same time, RSI is recovering slowly.

Therefore, the Friday's recommendations are still relevant, but it is recommended to narrow the range of cover to 137.60 for open shorts.

Technical levels: Support - 136.30, 136.60, 137.00; resistance - 137.80, 138.25.

Trading recommendations:

Sell - 137.80; SL - 138.00; TP1 - 137.00; TP2 - 136.60 (hold until the second goal). 

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