Technical analysis of EUR/JPY for May 23, 2014



Technical outlook and chart setups:
1. The EUR/JPY has produced a bullish morning star candlestick trading signal around 138.00 levels as seen here. Furthermore the trend line support and fibonacci 0.618 support levels also pass through the same region. Recommendations are to remain long from here on, risk remains below 138.00.
2. Support is seen at 138.00, followed by 136.50, 134.00 and lower, while resistance is seen at 141.00, followed by 142.50, 143.50/144.00 and 145.50 respectively.
3. The structure indicates that the pair could possibly produce a bullish reversal from current levels, prices should stay above 138.00 though.
Trading recommendations:
Remain long, stop at 137.90, target is open.

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