FX.co ★ Technical analysis of EUR/JPY for June 02, 2014

 Technical outlook and chart setups:

1. The EUR/JPY pair seems to have bounced off the trend line support as expected around 138.00 levels, as seen here. The pair has produced a morning star candlestick pattern indicating that bulls might just be back in control. Recommendations are still to remain long, risk remains below 137.90.

2. Support is seen at 138.00/137.90 levels, followed by 136.50, 134.00 and lower, while resistance is at 139.50, followed by 141.00, 142.50/143.50, 144.00 and 145.50 respectively.

3. The structure indicates that EUR/JPY could be reading to rally  at least towards 140.00/141.00 levels if not higher up. Bulls have just gained control.

Trading recommendations:

Remain long, stop below 137.80, target is open.

Good luck!