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

Technical outlook and chart setups:

The EUR/JPY pair has been trading between 136.20 and 137.00 levels for 2 sessions. Overall prices have been moving towards higher highs and higher lows since the moment when they hit a low at 134.00. Please note that the pair is testing the interim support line at the moment. A pullback to 135.00/50 can take place before rallying through the levels of 139.50/140.00 and higher. It is recommended to initiate long positions on a pullback towards 135.00/50. Immediate support is seen at 135.50 followed by 134.80, 134.00, 133.00, and lower while resistance is seen at 138.20/50 followed by 139.00, 140.00, and higher.

Trading recommendations:

Initiate long positions around the level of 135.00.

Good luck!