For Traders

Analytical Reviews

Technical analysis

17.04.201410:57 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 17, 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 rallied close to 142.00 levels before pulling back. Currently trading above 141.00 levels, the pair could further rally towards 142.50 before reversing. The pair needs to clear 144.00 levels before it can be confirmed that bulls are in control and would drag prices towards new highs. Recommendations for now are to remain short, risk remains at 144.00.

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

3. The structure indicates that EUR/JPY pair needs to either break below 140.00 or above 144.00 to confirm the next big move.

Trading recommendations:

Remain short for now, stop is at 144.00 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.