Technical outlook and chart setups:
1. The EUR/JPY is still close to the trend line support near 141.50 levels for now. A reversal can be expected any time till prices remain below 144.00. Trend line resistance is at 142.20/30 for now and a break above that could challenge 144.00 again. Only a sustained break above 144.00 is a threat to bears.
2. Support is at 140.00 (intermediary), followed by 138.50, 136.00, 134.00 and lower while resistance is seen at 142.50/143.00, followed by 144.00 and 145.50 respectively.
3. The structure indicates that EUR/JPY would remain in control of bears till prices are below 144.00 but a break below 140.00 is required to confirm further downside. High probability is for the bearish trend to resume.
Trading recommendations:
Remain short, stop 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 on EUR/JPY for April 21, 2014 . Thanks for your support on Technical analysis on EUR/JPY for April 21, 2014
No comments:
Post a Comment