FX.co ★ Technical analysis of EUR/JPY for May 06, 2014

Technical outlook and chart setups:

1. The EUR/JPY pair is bouncing off the channel line support for the 3rd time in recent trading days around 141.20/30 levels. Immediate resistance is seen at 142.30/50 for now. A break is required on either side to instill further confidence. Recommendations are to remain flat for now; watch out for a break out.

2. Support is seen at 141.00, followed by 140.00, 138.50, 136.00 and lower, while resistance is seen at  142.50, followed by 143.50/144.00 and 145.50 respectively.

3. A structure indicated that a push beyond 142.50 would be encouraging for the bulls and the pair could again test 143.00 levels. 

Trading recommendations:

Remain flat for now. Watch out for a break out.

Good luck!