Technical outlook and chart setups:
1. The EUR/JPY pair is seen to be bouncing off the support region at 140.00 levels as expected. At the moment, the pair is trading close to 141.00 levels; probably bulls are back in control. Recommendations to initiate long positions on dips, risk remains at 139.50 levels. A break of 143.00 levels should prove to be extremely bullish and also confirm that bulls maybe poised to print fresh highs.
2. Support is at 140.00, followed by 138.50, 136.00 and lower while resistance is at 142.50/143.00, followed by 144.00 and 145.50 respectively.
3. The structure indicates that EUR/JPY bulls could be bought till prices are above 140.00 levels. A break below 140.00 consistently could initiate a lager correction though.
Trading recommendations:
Buy on dips close to 140.30/50, stop at 139.50, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for May 13, 2014 . Thanks for your support on Technical analysis of EUR/JPY for May 13, 2014
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