Technical outlook and chart setups:
1. The EUR/JPY pair is trading in a new channel support as seen here, below the cone consolidation. Also the pair is again seen to be trading comfortable above 142.00 levels and threatening to break out on the north side of the resistance line around 143.00 levels. Recommendations are to remain flat for now and await further implications on the resistance line.
2. Support is at 141.00, followed by 140.00, 138.50, 136.00 and lower, while resistance is at 143.00/50, 144.00, and 145.50 respectively.
3. The structure indicates that EUR/JPY could potentially rally till the channel support remains intact. The pair is well supported around 141.00/50 levels for now. Only a break below 141.00 could be encouraging for bears.
Trading recommendations:
Remain flat for now. OR aggressively go long with stop below 141.00, 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 April 29, 2014 . Thanks for your support on Technical analysis of EUR/JPY for April 29, 2014
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