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    Technical analysis of EUR/JPY for July 29, 2015

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    Technical outlook and chart setups:

    The EUR/JPY pair has been trading between 136.20 and 137.00 levels for 2 sessions. Overall prices have been moving towards higher highs and higher lows since the moment when they hit a low at 134.00. Please note that the pair is testing the interim support line at the moment. A pullback to 135.00/50 can take place before rallying through the levels of 139.50/140.00 and higher. It is recommended to initiate long positions on a pullback towards 135.00/50. Immediate support is seen at 135.50 followed by 134.80, 134.00, 133.00, and lower while resistance is seen at 138.20/50 followed by 139.00, 140.00, and higher.

    Trading recommendations:

    Initiate long positions around the level of 135.00.

    Good luck!

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