03.04.201409:35 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 03, 2014

Long-term review

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Technical outlook and chart setups:

1. The EUR/JPY pair seems to have hit resistance again at 143.50 levels. Please note that the triangle resistance is passing through the same level and also an engulfing bearish reversal has appeared. All these put together, the pair should be headed lower towards the triangle line of support at least. Recommendations are to remain short, risk is at 144.00.

2. Resistance is at 143.80/144.00, followed by 145.50, while support begin from 140.00, followed by 138.50/136.00 and lower respectively.

3. The structure still remains constructive for bears till prices remain below the 144.00 mark. A bearish reversal here could be steep and fast enough towards 140.00 and lower. A break higher will be extremely bullish though.

Trading recommendations:

Remain short, set stop at 144.00, target is open.

Good luck!

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