Technical outlook and chart setups:
The EUR/JPY pair has retraced a bit on the higher side around the levels of 134.30/40. The pair is expected to face resistance and turn lower again towards at least 133.00 and 132.00 as the initial downside targets. It is recommended to remain short for now with risk at 136.00. Immediate support is seen at the level of 133.00 followed by 132.00, 131.50, 129.00, and lower, while resistance is seen at 135.00 followed by 136.00 and higher respectively. The pair is likely to begin its 3 wave corrective fall, which could be completed around 129.00/130.00.
Trading recommendations:
Remain short, stop at 136.00, a target is open.
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 12, 2015 . Thanks for your support.
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