Technical outlook and chart setups:
1. As seen here, on the 4H chart, the single currency pair has broken its immediate line of support. Recommended trade strategy should be to sell on rallies. It looks like a meaningful top has been set at the 145.50 level.
2. Immediate resistance is in the 144.30/50 region followed by 145.50, while support is at 141.00 followed by 138.00 on the lower side. A counter trend rally could materialize anytime.
3. The entire structure reveals that EUR/JPY might have set a meaningful top at resistance 145.50. A huge retracement could be underway towards atleast 138.00. Ideal place to enter short would be around the 144.00/50 region.
Trade recommendations:
Initiate short positions around the 144.00/50 region, stop is at 146.00, target is open.
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 06, 2014. . Thanks for your support on Technical analysis of EUR/JPY for January 06, 2014.
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