EUR/JPY Forecast: Buy on dips

EURJPY 19th May, 2015

EUR/JPY continued the rally to 136.97 and then fell hard after greece’s topic came up to the surface again. Currently testing its minor support around 133.90EUR/JPY still has a space to continue the suspended rally to test 137.75 or above. Personally, I think that sideline moves might conquer this pair for the next few hours. However, the moves will be very choppy so, take care from your entry points. The downtrend clouds are getting back too quickly, take care!

The EUR/JPY has the following major resistance and support levels:

  • RESISTANCE: 137.95
  • SUPPORT: 126.03

Breaking these levels in any direction will take us higher or lower.

My Daily BUY/SELL advice (50 pips stop loss applied):

  • Sell: at 137.60 – Take profit 136.10 (150 pips profits)
  • Buy: at 132.50 – Take Profit 133.50 (100 pips profits)
  • Buy: at 134 – Take Profit 135.50 (150 pips profits)
  • Buy: at 133.5 – Take Profit 135 (150 pips profits)

This review is valid during trading week: 19th-22nd May, 2015