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Technical analysis of EUR/JPY for August 06, 2015

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Technical outlook and chart setups:

The EUR/JPY pair bounced off the support line of its broader cone consolidation around the 135.00 levels, as expected. The pair is trading around the 136.17/20 levels at the moment, and is still expected to push higher through the 137.20 levels at least. Please note that the rally from 135.00 can be defined as the 5th leg within the consolidation, which could break out of the 137.00/20 barrier. It is recommended to remain long for now, at least till 137.15 levels with risk at 134.00. Immediate support is seen at the 135.00 levels, followed by 134.00 while resistance is seen at the 137.25 levels followed by 138.00 and higher respectively.

Trading recommendations:

Remain long for now, stop at 134.00, target is 137.20 .

Good luck!

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