FX.co ★ Technical analysis and trading recommendations on Yen against EUR & GBP for February 19, 2015

EUR/JPY

At yesterday's monetary policy meeting, the BOJ maintained its interest rates and decided to follow the QE program. The ECB agreed to raise its funding to 68.3 billion euros as a two-week extension, a slight increase from the previous 65 billion euros. To avoid running out of money, Greece will submit an application this week. The eurozone will be motivated to solve the problem as soon as they can. The cross made a double top at 136.68. The weekly resistance exists between 136.68 and 136.77 or 100Wsma. A weekly close above these levels leads to 137.60 and 139.50. The prices are trading and closed below hourly moving averages. The prices formed a base support between 132.38 and 132.28. From an intraday view, support exists between 135.80 and 135.45. We recommend selling with sl 135.70 with the targets at 134.75 and 134.40. Safe selling will be triggered below 135.00. The intraweek support exists between 133.90 and 133.65. We recommend fresh buying above 135.80 with the targets at 136.00, 136.25, and 135.65.

GBP/JPY

At yesterday's session, the cross managed to breach above the daily descending trend line and close above it. The prices are facing resistance twice at the 61.8 fib and 184.20. The weekly support exists at 181.90 and 181.00. The intraday support is set between 182.80 and 182.60. Until the prices close above 182.40, bulls have an upper hand. We recommend buying with sl 182.40 with the targets at 183.60, 184.20, and 185.00. At yesterday's session, we recommended buying above 183.40, the pair made a high at 184.19. If a h4 candle closes above 184.20, bulls will challenge towards 185.00 levels.