Technical analysis and chart setups:
1. The EUR/JPY looks to form a base around 136.00/136.50 levels. This region is also fibonacci 0.618 support for the rally between 131.00 and 145.50. It is recommended to remain long from yesterday, risk remains just below 136.00.
2. Resistance is at 142.00/143.00 and 145.50, while support is spread through 134.00, 131.00 and 128.00 respectively.
3. The structure reveals that a bullish bounce is due from the current levels of 136.00/137.00. Minimum implications are at the trend line resistance around 140.00. A break above that, may push towards 143.00.
Trading recommendations:
Remain long, stop is at 136.00, 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 February 06, 2014 . Thanks for your support on Technical analysis of EUR/JPY for February 06, 2014
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