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22.04.201408:49 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 22, 2014

Long-term review

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Technical outlook and chart setups:

1. The EUR/JPY pair remains unchanged for now, trading around 141.50/70 region. Please note that 142.30/50 levels are cone resistance, and a reaction could be expected if prices manage to reach them. Also 140.00 break can trigger the required acceleration downside. Recommendations are to remain short for now, risk remains at 144.00.

2. Support is at 140.00 (intermediary) followed by 138.50, 136.00, 134.00 and lower, while resistance is at 143.50/144.00 followed by 145.50, respectively.

3. The structure indicates that EUR/JPY is at a critical junction trading around the 141.50 levels at the moment. A break below 140.00 or above 144.00 is required to decide the next big move. Probability remains more on the down side.

Trading recommendations:

Remain short, stop is at 144.00 target is open.

Good luck!

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