Technical outlook and chart setups:
1. The EUR/JPY pair has drifted into yet another low at 138.70 today. Implications are ripe for a counter trend rally from here, towards 143.00 as seen here. It is recommended to remain flat for now and sell around 143.00 levels for further downside.
2. Immediate resistance is at 143.00, followed by 145.50, while supports are spread through 138.40/50, followed by 134.00, 131.00 and lower respectively.
3. The structure reveals that EUR/JPY should resume a counter trend rally towards 143.00. Thereafter, the downswing should resume towards 134.30 at least. Alternatively, if prices exceed 143.00, it would challenge 145.50 again.
Trading recommendations:
1. Aggressive traders can go long now, stop 138.00 target 143.00
2. Conservative trading strategy would be to remain flat for now. Look to sell at 143.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis for EUR/JPY for January 31, 2014. . Thanks for your support on Technical analysis for EUR/JPY for January 31, 2014.
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