FX.co ★ Technical analysis of EUR/JPY for February 09, 2015

Technical outlook and chart setups:

The EUR/JPY pair broke above its trading range towards the levels of 135.00 before pulling back into the 134.00 handle again. It is recommended to remain long for now with risk at 132.50. Please also note that the pair has broken higher into the buy zone of immediate trend line resistance and probability for a push above 135.00 could see the levels of 137.60/138.00 soon. Immediate support is seen at 132.50/60 followed by 132.20 and lower while resistance is seen at 135.00 (interim) followed by 137.60/138.00 and higher, respectively. Bulls are expected to remain in control untill prices stay above 132.50 from here on.

Trading recommendations:

Remain long. Stop is at 132.50; target, at 138.00.

Good luck!