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14.05.201408:40 Forex Analysis & Reviews: Technical analysis of EUR/JPY for May 14 2104

Long-term review

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Technical outlook and chart setups:

1. The EUR/JPY pair tests range bottom at 140.00 once again for now. A bullish reversal seems more probable from current levels of 140.10/15, which could push prices towards the mid 142.00's easily. A push above 143.00 would confirm that bulls are firmly in control and poised to test 144.00 and 145.50 as well. On the flip side, a break below 140.00/139.80 would ensure that the pair is slated for a larger correction. Recommendations are to remain flat for now.

2. Support is at 140.00, followed by 138.50, 136.00 and lower while resistance is at 142.50/143.00 followed by 143.50/144.00 an 145.50 respectively.

3. The structure indicates that the EUR/JPY pair could move towards 142.50 at least till the time prices stay above 140.00 levels for now. A break below would be encouraging for bears though.

Trading recommendations:

Remain flat for now OR long with stop below 139.80, target is 142.50.

Good luck!

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