FX.co ★ Technical analysis of EUR/JPY for November 21, 2014

Technical outlook and chart setups:

The EUR/JPY pair hits fresh highs at sub 149.00 levels yesterday before pulling back. The current fall can still be considered just a pullback since the pair remains comfortably in the buy zone of the immediate trend line support. The pair has bounced off the 147.47 levels for now which is fibonacci 0.382 support of the rally between 145.00 and 149.00. Please note that 146.40/50 levels should be strong support for any further dips, since it is a convergence of trend line support, past resistance turned support and fibonacci 0.618 support. It is recommended to look for buying opportunities there.

Trading recommendations:

Remain flat for now, look for buying opportunities at 146.40/50 levels.

Good luck!