11.02.201405:46 Forex Analysis & Reviews: Technical analysis of EUR/JPY for February 11, 2014

Long-term review

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Technical outlook and chart setups:

1. The EUR/JPY pair had reached our minimum expected level of 140.00. As seen here, the resistance line is dropping through the same region at the moment. It is recommended to book profits on long positions taken earlier last week and remain flat for now.Aggressive trading setup would be to initiate short positions, risk is at 143.00.

2. Immediate resistance is at 142.00/143.00, followed by 145.50, while supports are spread through 134.00, 131.00 and 129.00 respectively.

3. The structure reveals that prices could continue to drift lower from the 140.00 mark and eventually test trend line support at 134.00. A break of 140.50 now, would challenge 143.00 and 145.50 as well.

Trading recommendations:

Book profits on longs and stay aside. Aggressive traders would want to go short, stop at 143.00, target open.

Good luck!

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