Technical outlook and chart setups:
The EUR/JPY pair is seen to be pulling back lower after printing highs at 135.28 levels earlier. The pair is seen to be trading at 133.40/45 levels for now and could be looking to push higher towards 136.50/137.00 levels before producing a meaningful retracement. An aggressive trade setup could be to initiate long positions now, with risk around 132.50 levels while a more conservative way is to remain flat for now and look to buy on dips. Immediate support is seen at 132.50 levels, followed by 131.20/40 and lower while resistance is seen at 136.50/137.00 respectively.
Trading recommendations:
Remain flat for now OR aggressive trade setup is to go long, stop is at 132.50, a target is at 136.50.
Good luck!
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for May 05, 2015 . Thanks for your support.
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