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Technical analysis of EUR/JPY for May 22, 2015

The cross has probably made a double top at 136.91 and thew nearest resistance is seen at 137.10 100Wsma. The cross erased most of the recent gains this week. The cross made a low at 133.91 and the nearest support is found at 133.90 100Wema. In cese of a weekly close above 137.30, bulls are likely to aim at 137.60 and 141.00 and 141.80 later. It is too early to expect bulls to close above 137.30. 200Dsma is found at 137.15, 100Wsma is seen at 137.10 and 50Wsma is seen at 137.30. Strong resistance rejected the cross to the lower levels. In case bears manage to close below 133.90 today, they will aim at 133.10 and 132.70 next week. The real panic will be trigger below 131.15 towards 130.15 and 129.75. Intraday support is found at 134.30 and 133.91. Intraday resistance is seen at a high of 134.67 made at the Asian session. For intraday, we recommend buying above 134.70 with a target at 135.15 immediately, later 136.00. On the down side, we recommend selling below 133.90 with targets at 133.50 and 133.10.

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