Technical outlook and chart setups:
1. The currency pair has formed a lower low at 140.30/40 in early trade today. Still implications are for a counter trend rally to take shape towards 1430.00/50 levels before further decline. It is recommended to go short around this region.
2. Resistance is at 143.00, followed by 145.50, while support is spread through 138.50, followed by 134.00 respectively.
3. The structure reveals that a major top could be in place at 145.50 now. Rallies should be sold at the 143.00/50 levels.
Trading recommendations:
Remain flat for now. Sell on rallies through the 143.00/50 region.
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 20, 2014. . Thanks for your support on Technical analysis of EUR/JPY for January 20, 2014.
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