04.04.201413:40 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 04, 2014

Long-term review

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Technical outlook and chart setups:

1. The EUR/JPY structure is simplified here. It has been forming a cone consolidation since several trading sessions, and prices are broadly bouncing off the support and resistance lines as seen here. Yesterday prices again bounced off the resistance line at 143.50 region, forming an evening star bearish signal. It this holds good, bears should resume the down swing towards support line at east. On the event of a bullish break out, the pair would be eying fresh highs.

2. Intermediary resistance is at 143.80/144.00, followed by 145.50, while intermediary support is at 140.00, follower by 138.50 and 136.00 respectively.

3. The structure indicates that a bullish triangle break out should be bought. On the other hand if 144.00 holds, bears would remain in control.

Trading recommendations:

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

Good luck!

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