Technical outlook and chart setups:
The EUR/JPY pair rose past 141.65 levels yesterday. The pair rallied from 135.50 levels to 142.50 levels without much retracement. Furthermore, the pair has taken out past resistance at 142.50 levels as well on the daily chart view. High probability from here on is for a pullback, at least into 139.00/140.00 levels if not further. Resistance is now seen at 143.50, followed by 145.50, while support is seen at 140.00, followed by 137.00, 135.50.00 and lower respectively. It is recommended to exit long positions if holding any and wait for a meaningful pullback for now.
Trading recommendations:
Exit long positions and remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for November 04, 2014 . Thanks for your support.
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