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27.05.201407:56 Forex Analysis & Reviews: Technical analysis of EUR/JPY for May 27, 2014

Long-term review

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Technical outlook and chart setups:

1. The EUR/JPY pair is now trading comfortably above 139.00 levels now, and is expected to continue further up. As seen here, the pair has bounced off the intermediary support trend line around 138.00 levels earlier. Any dips towards 138.60/70 could be bought again.

2. Support is seen at sub 138.00 levels, followed by 136.50, 134.00 and lower, while resistance is seen at 140.00 followed by 141.00, 142.50/143.50, 144.00 and 145.50 respectively.

3. The structure indicates that EUR/JPY could have resumed its rally again and possibly rally towards a new high above 145.50 in the coming days.

Trading recommendations:

Remain long, also plan to buy on dips towards 138.60/70, stop below 138.00, target is open.

Good luck!

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