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05.05.201508:44 Forex Analysis & Reviews: Technical analysis of EUR/JPY for May 05, 2015

Long-term review

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Technical outlook and chart setups:

The EUR/JPY pair is seen to be pulling back lower after printing highs at 135.28 levels earlier. The pair is seen to be trading at 133.40/45 levels for now and could be looking to push higher towards 136.50/137.00 levels before producing a meaningful retracement. An aggressive trade setup could be to initiate long positions now, with risk around 132.50 levels while a more conservative way is to remain flat for now and look to buy on dips. Immediate support is seen at 132.50 levels, followed by 131.20/40 and lower while resistance is seen at 136.50/137.00 respectively.

Trading recommendations:

Remain flat for now OR aggressive trade setup is to go long, stop is at 132.50, a target is at 136.50.

Good luck!

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