FX.co ★ Technical analysis of EUR/JPY for August 12, 2014

Technical outlook and chart setups:

1. The EUR/JPY pair had bounced off from 135.70 levels last week but still needs to clear 138.00 (immediate resistance) to confirm that the next move may be higher. Till prices remain below 138.00, the pair could continue drifting lower.

2. Support is seen at 135.70 (interim), followed by 134.00 and lower while resistance is seen at 138.00, followed by 139.25 and higher up respectively.

3. The structure indicates that EUR/JPY needs to clear 138.00 resistance to confirm buy on dips.

Trading recommendations:

Remain flat for now.

Good luck!