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Technical outlook and chart setups:
1. The EUR/JPY remains unchanged since yesterday, around 141.50 levels. Please note that the pair is still testing the support line and a break below would bring back bears in picture. On the other hand, a bullish reversal would see at least 142.50 levels on the higher side. A break above 143.50 would be required to confirm that bulls would stay in control.
2. Support is at 140.00 (intermediary), followed by 138.50, 136.00 and 134.00 while resistance is at 143.50/144.00 and 145.50 respectively.
3. The structure indicates that EUR/JPY needs to either break below 140.00 or above 143.50 to confirm the next big move. Probability look to be on the lower side.
Trade recommendations:
Remain short, stop is at 144.00, 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 April 24, 2014 . Thanks for your support on Technical analysis of EUR/JPY for April 24, 2014
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