The EUR/JPY pair has been trending upwards since the 1st of October 2015, with the buyers leading the price from as low as 133.44 to as high as 135.13.
The pair rose during the course of the session today, hovering over the 135 handle. With that being the case, the bulls seem that they are trying to test the resistance zone and break out to the upside. Provided that they manage to break above the 135.22 level, the price could go up to 135.39 and 136.58 in extension.
In the opposite scenario, where the buyers find the 135.13 level too resistive, the price could attempt a pullback. If the sellers manage to exert stronger pressures and the price penetrates the 134.48 level, the pair could decelerate down to 134.28 and 134.07 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.