Technical outlook and chart setups:
1. The EUR/JPY pair seems to be unable to hold higher levels. The counter support trend line has been probed for the 3rd time, around the 140.50 mark. It is recommended to exit long positions now. A break here would encourage bears to further push towards 139.00 and lower levels.
2. Immediate resistance is at sub 144.00 (interim), followed by 145.50, while supports are spread through 138.80/136.50 (interim), followed by 134.00 and lower respectively.
3. The weekly structure reveals that 144.00 maybe a lower top in place and the next leg may be lower towards 136.00, 134.00 and further.
Trading recommendations:
Remain flat for now. Wait for a reaction at current trend line support.
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 24, 2014 . Thanks for your support on Technical analysis of EUR/JPY for March 24, 2014
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