Technical outlook and chart setups:
1. The EUR/JPY has been drifting sideways since several trade sessions as seen here. Implications from here, should be a rally towards 144.00 atleast. Going long now with a risk of 141.00 would remain an aggressive trade strategy.
2. Immediate resistance is at 145.50, while support is at 141.00, followed by 138.50, 134.00, and lower.
3. The structure reveals that a counter trend rally should begin towards at least 144.00/50 levels before EUR/JPY descends further down. On the other hand, a break above 144.50 levels would push it higher and put 145.50 to test.
Trading recommendations:
Go long now with a stop of 141.00, target is 144.00/50.
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 of EUR/JPY for January 13, 2014. . Thanks for your support on Technical analysis of EUR/JPY for January 13, 2014.
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