FX.co ★ Technical analysis of EUR/JPY for June 03, 2014

Technical outlook and chart setups:

1. The EURJPY pair has reversed just shy of the fibonacci 0.786 support around 138.00 levels as discussed yesterday. The pair further rallied and is trading close to 139.00 levels as seen here. A push above 139.00 would ensure that bulls are resuming rally towards the potential resistance at 141.00 levels. But before that expect a pullback lower as shown here.

2. Immediate resistance is at 141.00, followed by 142.50/143.00, while supports are spread through 138.00, 136.50, followed by 134.00 and lower respectively.

3. The structure indicates that EURJPY could continue rally and a break above 139.00 levels would confirm the same.

Trading recommendations:

Look to go long on dips.

Good luck!