FX.co ★ Technical analysis of EUR/JPY for April 29, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading at 130.30 now after having printed highs at 130.60/70 earlier. Please note that the pair has been stalling around fibonacci 0.786 resistance levels and a push higher would challenge the level of 131.50. On the flip side, a drop from the current level would hit at least 128.00 on the down side before resuming its rally. It is recommended to hold short positions with risk at 131.50/60 now. Immediate support is seen at 129.30 followed by 128.80, 127.50, and lower, while resistance is seen at 131.50 and higher respectively. A push above 131.50 would turn the pair into a clear buy on dips.

Trading recommendations:

Remain short for now, stop at 131.70, a target is open.

Good luck!