FxWirePro: EUR/JPY approaching key support at 135.96, bullish bias remains above 136.00

 

• EUR/JPY approaching to test support level at 135.96, currently the pair is trading at 136.26. The pair is set to advance further towards 136.60 and 137.00 later. Japanese Yen is weaker against Euro in the short and in the medium term.

• Immediate support can be seen at 135.96. A break below this level will expose the pair to next support level at 133.33 (61.2% Retracement level).   

• Major resistance can be found at 137.24 (July 10^th high), a break above this level will open the door to 138.00 handle.

Recommendation: Go long above 136.00 with Targets at 136.50, 136.80. SL 135.20

Resistance Levels

R1: 136.59 (38.2 % Retracement level)

R2: 136.80

R3: 137.24 (July 10^th high)

Support Levels

S1: 135.96                                           

S2: 133.33 (61.2% Retracement level)    

S3: 135.00