FX.co ★ Technical analysis of EUR/JPY for May 01, 2015

Technical outlook and chart setups:

The EUR/JPY pair is expected to continue a rally towards at least 136.00/50 levels from here on, before it produces a meaningful retracement lower. It is recommended to remain flat for now and look to buy lower on a correction. Bulls are poised to take off resistance at 136.50 levels for now. Immediate support on the 4-hour chart view is around the 131.50 levels, followed by 129.00, 127.50 and lower while resistance is seen at 136.00/50, followed by 138.00 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!