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EUR/JPY resistance broken, rate should grow

After the price dropped from a high of 149.71, tested at the end of 2014, to a low at 123.11, tested back on April 14, 2015. So, the EUR/JPY pair launched a corrective wave.

Within correction, the price broke above the descending channel that was followed by a closure above the R1 (136.07) resistance level, which is 23.6% Fibonacci applied to the channel breakout point. According to these technical analysis, EUR/JPY has yet to test the resistance, which is R2 (139.13) - 0% Fibs.

While RSI shows a bullish divergence, the pair is trading right at the uptrend trendline and could be a starting point for the next wave up. Consider buying EUR/JPY at the current level targeting R2 (139.13). Only a break below S1 (134.12) should be able to give bears more power.

Support: 134.15, 132.62, 131.09

Resistance: 136.07, 139.13

 

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