FX.co ★ Technical analysis of EUR/JPY for February 04, 2014

Technical outlook and chart setups:

1. The EUR/JPY pair has been drifting lower without producing a pullback as expected. It is now recommended to await prices towards 135.00 levels before going long.

2. Immediate resistance is at 143.00, followed by 145.00/50, while supports are spread through 134.00, 131.00, and 128.00/29.00 respectively.

3. The structure reveals that prices could reach 135.00 before rallying further up. Also please note that the support trend line is passing through the same area; hence, a bullish bounce there should be bought.

Trading recommendations:

Remain flat for now. Look to enter buying around 135.00.

Good luck!