FX.co ★ Technical analysis of EUR/JPY for August 12, 2015

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading above 138.15 levels for now, having broken above the cone consolidation zone earlier. Please note that the pair is at a past resistance zone at the moment, and a corrective drop could be expected before the next bull leg resumes. It is hence recommended to book profits on long positions taken earlier and remain flat for now. Immediate support is seen at 136.50 levels, followed by 135.50, 135.00, 134.00 and lower while resistance is seen at 139.00 levels, followed by 140.00, 141.00 and higher respectively.

Trading recommendations:

Book profits on long positions and remain flat for now.

Good luck!