Technical outlook and chart setups:
1. The EUR/JPY pair is showing signs of a possible top and reversal from 141.00 levels. It is recommended to remain short for now, risk remains at 143.00. A break of 139.00 would accelerate downside.
2. Immediate resistance is at 142.00, followed by 143.00 and 145.50, while supports are spread through 136.00, followed by 134.00 and 131.00 respectively.
3. The structure indicates that a lower top could have formed at 141.00 now. Bears should remain in control and continue dragging prices lower from here. A break through 136.00 (trend line support) would intensify the fall.
Trading recommendations:
Remain short, stop is above 143.00, 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 of EUR/JPY for February 27, 2014 . Thanks for your support on Technical analysis of EUR/JPY for February 27, 2014
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