Technical outlook and chart setups:
1. EURJPY has taken out 143.20 and subsequently out stop loss on short positions taken earlier. As depicted here, it is a sideways/triangle/consolidation breakout which has moved prices higher. It is recommended to initiate long positions upon a pullback towards 142.70/80 again. Until then remain flat.
2. The sideways trading range of 141.00, acting as a support and 143.00, acting as a resistance has been broken and hence 142.80/143.00 would turn support now. This would be the next opportunity to go long.
3. The entire structure reveals a larger trend reversal in the coming weeks. At the moment, EUR/JPY could push through 145.00 if 142.80/143.00 holds well.
Trading recommendations:
Flat for now. Initiate long positions at the 142.80/143.00 levels.
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 December 26, 2013 . Thanks for your support on Technical analysis of EUR/JPY for December 26, 2013
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