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

Technical outlook and chart setups:

The EUR/JPY pair has rallied through 148.50 levels yesterday and remained just a few pips shy from 149.00 as seen here. It is recommended to exit short positions at market price at 148.50/60. Please note that the pair has kept the channel line support intact after a false break day before yesterday. Immediate resistance still remains at 149.10/20 levels while support is seen at 147.00, followed by 146.50, 145.50 and lower respectively. The pair could be looked to be bought during intraday dips ahead of 147.00 levels, risk remains at 147.00. A push through 149.00 now, could see 151.00 and subsequently 154.00 levels soon.

Trading recommendations:

Exit short positions now. Aggressive trade setup is to initiate 50% long positions now (148.50/60), stop below 147.00, the target is at 151.00.

Good luck!