FX.co ★ Technical analysis of EUR/JPY for June 05, 2014

Technical outlook and chart setups:

1. The EUR/JPY pair favored the long positions yesterday around 138.70/75 levels, before pulling back sharply towards daily highs. It is expected that the pair should continue drifting higher at least towards 141.00. Recommendations are to remain long, risk remains at 138.00 for now.

2. Support is seen at 138.00, followed by 136.60, 134.00 and lower while resistance is seen at 141.00, 142.50/143.50, 144.00 and 145.00 respectively.

3. The structure indicates that EUR/JPY rally should continue further towards 141.00/142.00 levels before any meaningful retracement.

Trading recommendations:

Remain long (entry at 138.70/75), stop at 138.00, target is open.

Good luck!