Technical outlook and chart setups:
1. The EUR/JPY pair is inching lower towards 138.00/139.00 levels. Please note that prices has reversed from the 0.5% fibonacci retracement at 141.00. Bears should be determined to push prices further low into 133.00/132.00.
2. Immediate resistance is at 141.00 (intermediary), followed by 142.50/143.00 and 145.50, while supports are spread through 134.00, followed by 131.00, 128.00 and lower respectively.
3. The structure indicates that prices should remain under pressure till below 141.00 for now. Minimum expectations are 132.00 and 130.00. A push through 141.00 would test 143.00 and 145.50 respectively.
Trading recommendations:
Remain short for now. Set stop above 141.50, 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 March 04, 2014 . Thanks for your support on Technical analysis of EUR/JPY for March 04, 2014
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