Technical analysis of EUR/JPY for May 29, 2015

Technical outlook and chart setups:

The EUR/JPY pair pulled back marginally from 136.00 levels and is trading around 135.60/70 levels for now. The pair is expected to resume its down swing extension up to at least 130.00 or lower. A break below 135.00 could accelerate downside momentum. It is hence recommended to remain short from yesterday and also look to move further to the area around 136.00 again, with risk at 137.00. Immediate support is seen at 135.00 (interim) followed by 134.00, 133.00, 131.50, and lower. Resistance is seen at the level of 136.50 (interim) followed by 137.00 and higher respectively.

Trading recommendations:

Remain short for now, stop is at 137.00, a target is open.

Good luck!

The material has been provided by InstaForex Company –