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    Technical analysis of EUR/JPY for May 05, 2015

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    Technical outlook and chart setups:

    The EUR/JPY pair is seen to be pulling back lower after printing highs at 135.28 levels earlier. The pair is seen to be trading at 133.40/45 levels for now and could be looking to push higher towards 136.50/137.00 levels before producing a meaningful retracement. An aggressive trade setup could be to initiate long positions now, with risk around 132.50 levels while a more conservative way is to remain flat for now and look to buy on dips. Immediate support is seen at 132.50 levels, followed by 131.20/40 and lower while resistance is seen at 136.50/137.00 respectively.

    Trading recommendations:

    Remain flat for now OR aggressive trade setup is to go long, stop is at 132.50, a target is at 136.50.

    Good luck!

    Uitgevoerd door, Analytische expert
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