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Technical analysis of EUR/JPY for December 09, 2015

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Technical outlook and chart setups:

The EUR/JPY pair is trading around the level of 134.00 now, having stuck in a range between 133.20 and 134.50 respectively. The pair is also seen to be testing the resistance trend line, just peeping out into the buy zone now. A breakout above 134.50 would be extremely encouraging to bulls and open doors for a rally through the levels of 136.00/137.00 respectively. On the flip side, a drop below 133.20 would confirm a meaningful top is in place around 134.50 and prices should head lower. Immediate support is seen at the levels of 133.20, while resistance is seen at 134.50 respectively.

Trading recommendations:

Remain flat now.

Good luck!

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