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22.05.201508:52 Forex Analysis & Reviews: Technical analysis of EUR/JPY for May 31, 2015

Long-term review

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Technical outlook and chart setups:

The EUR/JPY pair is trading at the level of 134.72 now. But it still needs to clear the level of 135.35 for further development towards higher levels. The pair is expected to face resistance at 136.00/50 and bears are expected to remain under control until prices remain below the level of 137.00 broadly. It is hence recommended to remain short for now and to sell on intraday rallies. Immediate support is seen at 133.00 followed by 131.50, 129.00, 128.00, and lower. Resistance is seen at 136.00/50 followed by 137.00 and higher respectively.

Trading recommendations:

Remain short for now, stop at 137.00, a target is open.

Good luck!

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