FX.co ★ Technical analysis of EUR/JPY for May 28, 2014

Technical outlook and chart setups:

1. The EUR/JPY pair is pulling back at the moment after printing 139.20/30 highs recently. Maximum downside is seen to be around 138.50/60 where a reaction could be expected and bulls could possibly resume. Recommendations are to remain long. risk remains below 138.00.

2. Support is seen at 138.00 (interim), followed by 136.00, 134.00 and lower, while resistance is seen at 141.00, 142.50/143.50, 144.00 and 145.50 respectively.

3. The structure indicates that EUR/JPY could resume rally towards 141.50/ 142.50 at least if not further.

Trading recommendations:

Remain long for now, add further around 138.50/60, stop at 138.00, target is open.

Good luck!