The pair successfully breached the 200DEma and exactly closed at that level after making a minor double bottom at 136.63. The pair took the parallel support at 136.20, made a low at 136.36, and started moving higher. The oversold daily RSI helped the pair hit a weekly high. The pair is facing strong resistance at 138.20 50WSma, 138.30 50DSma and the lower end of the symmetric triangle. A day close above 138.30, we can see strong short-term bull power towards 139.25 and 140 levels.
Trading range 136.20-136.63-138.30
Weekly resistance 138.30
Weekly support 136.63
Intraday cmp 137.77
The pair is trading above the 21HrSma, 34HrSma and 35Dema that is a bullish sign in the near term, above the near term moving averages. As long as prices close above it, technicals remain strong: only closing/sustaining below it would reverse the near-term trend.
Support
21 Hr Sma 137.15
34 Hr Sma 136.90
For hourly trading (speculators), sell at the cmp at 137.77 for a small target at 137.60 (12 hr low), below this, 137.46, 137.40, 137.30 and 137.15. Use a dip to buy at 137.15-136.90 if it comes. On the upper side, above 137.85, it will fly up to 138.05 and 138.15 levels.
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 on EUR/JPY for July 31, 2014 . Thanks for your support on Technical analysis on EUR/JPY for July 31, 2014
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