FX.co ★ Technical analysis of EUR/JPY for October 06, 2014

 Technical outlook and chart setups:

The EUR/JPY pair bounced off the 137.00 levels last week and is now re-testing it. Please note that 137.00 is the fibonacci 0.786 support level of the rally between 135.80 and 141.30 levels respectively. A bullish bounce here and subsequent break of the sloping line of resistance would bring back bulls into control and the pair could potentially rally towards 142.50 levels at least. Immediate support remains at 135.80 levels and lower while resistance is seen through 139.00/20, followed by 140.30 and 141.30 respectively. It is recommended to remain long, risk remains below 135.80 levels.

Trading recommendations:

Remain long for now, stop below 135.80, target remains open.

Good luck!