25.04.201409:43 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 25, 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 is still unchanged, stuck within the triangle consolidation for now. Currently trading around 141.50 levels, the pair still needs to break below 140.00 to confirm the bearish setup. On the flip side, a bullish break would be confirmed above 142.50 and subsequently 144.00. Fresh trading positions should not be initiated at the moment.

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

3. The structure indicates that EUR/JPY needs to correct towards at least 97.00 levels before resuming trend. But a break below 140.00 would be required to confirm the same.

Trading recommendations:

Remain short, 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.