Technical outlook and chart setups:
1. The EUR/JPY pair remains unchanged since a few trade sessions, drifting sideways between 140.50 and 142.00. It is recommended to remain flat for now and initiate short positions around 143.00/50.
2. Immediate resistance is at 143.00, followed by 145.00/50, while support is at 140.50 (intermediary), followed by 138.50, 134.00 and lower respectively.
3. The structure reveals that a rally towards 143.00/50 should materialize. In case of failure at that level, the pair should be sold. A push above 143.00 would target 144.50.
Trading recommendations:
Sell on rallies into the 143.00/50 region, stop is above 145.50, 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 24, 2014. . Thanks for your support on Technical analysis of EUR/JPY for January 24, 2014.
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