The pair was rejected at previous high 138.02 (August 01 high) on Friday and started moving lower. It made a short-term top at the level of 138 in the daily chart. It hit the 50DSma and closed below it, thus providing sell signal on a weekly basis. The pair is trading at a 4-day low. In today's Asia's session, the pair hit the 20DSma as well. The pair looks weak on the intraday and weekly basis.
Weekly basis: Until the pair closes below the level of 138, sell on the rise.
Monthly basis: Until the pair closes below the level of 138.70, sell on the rise.
On the down side, it has a parallel support at the level of 137. Below it, 136.75-136.60 should be used as a weekly support level.
Until the pair closes below the 138.70, the level of 134.50-134 will act as an open target in the near term on the down side.
On intraday basis, the price has closed below and is trading below 12ema, negative for hourly and intraday trading. As soon as the candlestick closes above 137.45, only then some up move is seen to take place.
Resistance 137.37 137.45 137.66
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Short-term trend levels and intraday recommendation for EUR/JPY (August 26, 2014) . Thanks for your support on Short-term trend levels and intraday recommendation for EUR/JPY (August 26, 2014)
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