Technical outlook and chart setups:
1. The EUR/JPY pair remains locked between 141.00/50 for now. It is still recommended to remain flat and look towards the 143.00/50 region to initiate short positions.
2. Immediate resistance is at 143.00/50, followed by 145.00/50, while supports are spread through 138.50, followed by 134.00 and 131.00 respectively.
3. The structure reveals that a meaningful top could be in place at 145.50. A counter trend rally could extend towards 143.00 providing opportunities to initiate short positions.
Trading recommendations:
Remain flat for now. Look to sell around 143.00/50.
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 23, 2014. . Thanks for your support on Technical analysis of EUR/JPY for January 23, 2014.
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