Technical outlook and chart setups:
1. The EUR/JPY seems to be testing the recent low formed at sub 140.00 levels. It is recommended to remain long for now, risk remains at 140.00. A break of 140.50 should prove to be further bearish.
2. Immediate resistance is at 144.00 levels, followed by 145.50, while supports are spread through 139.00/136.50 (intermediary), followed by 134.00, 131.00 and lower respectively.
3. The structure reveals that so long as 140.50 holds, the bulls shall remain in control and push prices towards 145.50 and higher up.
Trading recommendations:
Remain long for now, set stop at 140.00, 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 March 20, 2014 . Thanks for your support on Technical analysis of EUR/JPY for March 20, 2014
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