For Traders

Analytical Reviews

Technical analysis

09.04.201410:45 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 09, 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 remains locked within cone consolidation as seen here. The pair is seen to produce a bullish bounce at the support trend line, around 140.00 levels for now. This could again drag prices higher up to 143.00/50 and higher. It is recommended to exit short positions for now and remain flat. Aggressive trade setup would be to go long, risk remains at 140.00.

2. Support is at 140.00 (intermediary), followed by 138.50/60 and 136.00, while resistance is at 143.50 (intermediary), followed by 144.00 and 145.50 respectively.

3. The structure indicates that EUR/JPY needs to break out of the cone consolidation for further directions. A break below 140.00 could be sold while above 144.00 should be bullish.

Trading recommendations:

1. Exit short positions and remain flat.

2. Aggressive trade setup is to go long, stop is just below 140.00, target is open.

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.