Technical outlook and chart setups:
1. The EUR/JPY pair is still unchanged, stuck within the triangle consolidation for now. Currently trading around 141.50 levels, the pair still needs to break below 140.00 to confirm the bearish setup. On the flip side, a bullish break would be confirmed above 142.50 and subsequently 144.00. Fresh trading positions should not be initiated at the moment.
2. Support is at 140.00 (intermediary), followed by 138.50, 136.00, 134.00 and lower, while resistance is at 142.50, followed by 144.00 and 145.50 respectively.
3. The structure indicates that EUR/JPY needs to correct towards at least 97.00 levels before resuming trend. But a break below 140.00 would be required to confirm the same.
Trading 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 25, 2014 . Thanks for your support on Technical analysis of EUR/JPY for April 25, 2014
No comments:
Post a Comment