EUR/JPY Forecast: Starting (May 2015) with potential rally to resistance

EURJPY 5th May, 2015

EUR/JPY Analysis

EUR/JPY had a rally to 135.40 (exactly as I expected in this post). EUR/JPY found 135.40 resistance hard to break and it fell hard again to test 133.10 level. Personally, I think that sideline moves will rule this pair for the next 48 hours from 133-135 and with the NFP on friday, we can see this pair giving a test to 137.30 resistance level. The downtrend clouds are still there so, watch out your steps as always.

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

  • RESISTANCE: 137.30
  • 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 137.10 – Take profit 136.10 (100 pips profits)
  • Buy: at 132.50 – Take Profit 133.50 (100 pips profits)
  • Buy: at 134 – Take Profit 135 (100 pips profits)
  • Buy: at 133.5 – Take Profit 135 (150 pips profits)

This review is valid during trading week: 4th-8th May, 2015