Technical outlook and chart setups:
1. The EUR/JPY has paused at 140.00 since last week and is moving in a tight trading range as seen here. The support of the trading range is 139.00/10, while resistance is 140.00/10. A breakout can be expected soon and recommendations are to take fresh positions in that direction. Hold on to short positions taken earlier, for now.
2. Immediate resistance is at 140.00, followed by 142.00/143.00 and 145.50, while supports are spread through 136.50 (intermediary), followed by 134.00, 131.00 and lower respectively.
3. The structure indicates that EUR/JPY has potential to fall towards the passing line of support at 136.00 at least. A fall below that would be further bearish confirmation towards 134.00/131.00.
Trading recommendations:
Remain short for now, stop is at 142.00. Turn long upon a bullish break above 140.00.
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 18, 2014 . Thanks for your support on Technical analysis of EUR/JPY for February 18, 2014
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