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    Technical analysis of EUR/JPY for May 21, 2015

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    Technical outlook and chart setups:

    The EUR/JPY pair is trading around 134.20 levels and looking to break down at least towards 133.00 levels before producing any meaningful retracement. Any intraday rallies from the current levels should remain capped below 136.00-50 levels. It is hence recommended to remain short with risk at 136.50 or break even levels. Immediate support is seen at 133.00 levels followed by 131.00, 129.00, 128.00 and lower, while resistance is seen at 136.00-50 followed by 137.00 and higher respectively. The pair is setting up to retrace lower at least to the levels of 129.00-130.00.

    Trading recommendations:

    Remain short for now, stop is at 137.00, target is open.

    Good luck!

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