FX.co ★ Technical analysis of EUR/JPY for May 04, 2015

Technical outlook and chart setups:

The EUR/JPY pair might be looking to target 137.00 levels before producing a meaningful retracement lower. The pair has clearly broken out of the resistance trend line as depicted here and entered into the buy zone for now. It is recommended to buy on dips from here on. Immediate support is seen at 131.50 levels, followed by 129.00, 127.50 and lower while resistance is seen at 136.00 levels, followed by 137.00 and higher respectively. The pair is expected to correct at least to 131.00 levels before resuming its rally.

Trading recommendations:

Flat for now. Looking to buy on dips.

Good luck!