FX.co ★ EUR/JPY analysis for February 24, 2017

Recently, the EUR/JPY has been trading downwards. The price tested the level of 118.89. According to the 15M time frame, I found the potential inverted Head and Shoulders formation (bullish formation), which is a sign that selling looks risky. My advice is to watch for a potential breakout of neckline (supply trend line) to confirm the HSS pattern. There is a spring (shakeout) in the background, which is another good sign of strength. The upward target is set at the price of 119.47.

Resistance levels:

R1: 119.55

R2: 119.70

R3: 119.95

Support levels:

S1: 119.00

S2: 118.90

S3: 118.60

Trading recommendations for today: watch for potential buying opportunities.