Technical outlook and chart setups:
1. The currency pair has finally entered into the counter trend rally mode from sub 140.00. Possible extension is towards 143.00/50 from here on. It would be recommended to initiate short positions at that level.
2. Immediate resistance is at 143.00 followed by 145.00/50, while support is spread through 140.20/30 (intermediary), followed by 138.20/30, and 134.00 respectively.
3. The entire structure reveals that resistance should be strong at 143.00/50 and a possible reversal from there could bring prices to 138.00 at least.
Trading recommendations:
Flat for now. Plan to enter short at 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 21, 2014. . Thanks for your support on Technical analysis of EUR/JPY for January 21, 2014.
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