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21.04.201413:31 Forex Analysis & Reviews: Technical analysis on EUR/JPY for April 21, 2014

Long-term review

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Technical outlook and chart setups:

1. The EUR/JPY is still close to the trend line support near 141.50 levels for now. A reversal can be expected any time till prices remain below 144.00. Trend line resistance is at 142.20/30 for now and a break above that could challenge 144.00 again. Only a sustained break above 144.00 is a threat to bears.

2. Support is at 140.00 (intermediary), followed by 138.50, 136.00, 134.00 and lower while resistance is seen at 142.50/143.00, followed by 144.00 and 145.50 respectively.

3. The structure indicates that EUR/JPY would remain in control of bears till prices are below 144.00 but a break below 140.00 is required to confirm further downside. High probability is for the bearish trend to resume.

Trading recommendations:

Remain short, stop at 144.00 target is open.

Good luck!

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