13.03.201404:52 Forex Analysis & Reviews: Technical analysis of EUR/JPY for March 13, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook and chart setups:

1. The EUR/JPY pair has been off the recent highs (sub 144.00) for now. But the fall is expected to find intermediary support around 141.00 levels as a short term rising trend line is passing through. It is recommended to remain short for now, risk remains above 144.00.

2. Immediate resistance is the 143.80/144.00 level (intermediary), followed by 145.50, while supports are spread through 138.80/136.50 (intermediary), followed by 134.00, 131.00 and lower respectively.

3. The structure reveals that prices may find support at 141.00 region if reached. A bullish bounce there, can bring back control with the bulls. A break down of the short term support line should be productive for bears.

Trading recommendations:

Remain short for now. Set stop at 144.00, target is open. Reverse on a 141.00 bounce.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.