The BOJ unexpected take that, it's tripled the pace of its buying stocks and property funds. The annual asset purchases will rise to around 80 trillion yens from 70 trillion yens. The yen is depreciating against USD, EUR and GBP. The cross EUR/JPY closed at the highest point in the previous month. The cross has parallel resistance between 143.44 and 143.78. In the weekly and monthly charts, the cross gave an upside breakout. We can expect strong momentum only above 143.78. In the daily chart, the pair made a double top at 142.34. The daily stochastic is indicating an extreme overbought signal. On the down side, the cross has support at 141.22. We recommend buying only above 142.34, safe traders buying above 142.55 with the target at 143.40 levels.
For an intraday view, the prices are closed and trading above hourly key moving averages. For an hourly view, the support level exists at 141.82. The safe buying will be triggered above 142.34, so risky traders can buy with sl 141.80 with targets at 142.33 and 142.50. The pair can challenge 143.50 in case if it breaches and trades above 142.60 levels.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical Analysis on EUR/JPY for November 04, 2014 . Thanks for your support.
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