Technical outlook and chart setups:
1. EUR/JPY looks to have initiated its counter trend rally ahead of the major fundamental event tomorrow. It is recommended to sell on rallies into 143.00/50 region from here on.
2. Immediate resistance is 143.00, followed by 145.50, and supports are spread through 138.50, followed by 134.00, 131.00 and lower.
3. The structure reveals that prices could still continue drifting lower from around 143.00/50 levels. As seen here, the fibonacci 0.618 support and possible downside extensions are pointing 136.00 at least.
Trading recommendations:
Flat for now. Looking to sell on rallies to 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 28, 2014. . Thanks for your support on Technical analysis of EUR/JPY for January 28, 2014.
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