FX.co ★ Technical analysis of EUR/JPY for May 29, 2014

 Technical outlook and chart setups:

1. The EUR/JPY pair is seen to be testing recent lows at sub 138.00 levels and line of support as shown here. A bullish bounce could be expected here and the pair could rally at least towards 141.00 levels before a meaningful retracement can take place. Recommendations are to remain long, risk is just below 138.00.

2. Support is seen at 138.00 (interim), followed by 136.50, 134.00 and lower, while resistance is at 141.00, 142.50/143.50, 144.00 and 145.50 respectively.

3. The structure indicates that EUR/JPY could resume rally till prices stay above 138.00/10 levels. A break below, however would be extremely bearish.

Trading recommendations:

Remain long, stop below 138.00, target is open.

Good luck!