06.08.201312:03 Forex Analysis & Reviews: EUR/JPY continues to drift lower. Remain short

Long-term review

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Technical outlook and chart setups:

There is no change from what has been discussed earlier. The single currency has been steadily drifting lower and is breaking out the support channel, at the moment. The short positions initiated yesterday should be held 132.60/70 levels and aggressive traders would want to add further on break down of support line depicted here. Resistance is 131.60/70, followed by 133.80/134.00; while immediate support is lying at the 128.00 area. Only above the level of 132.00 would negate the bearish outlook. Looking lower for now.

Trading recommendations:

Remain short against 132.60/70, target is open.

Good luck !

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