For Traders

Analytical Reviews

Technical analysis

19.06.201405:29 Forex Analysis & Reviews: Technical analysis of EUR/JPY for June 19, 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 seems to be facing resistance just ahead of the fibonacci 0.618 levels as seen here. The pair could reverse from 138.50 levels, towards fresh lows. Recommendations are to initiate short positions here, risk remains 140.00.

2. Support is seen st 138.00 levels (interim), followed by 136.50, 134.00 and lower, while resistance is at 140.00, followed by 141.00, 142.50/143.00 and higher respectively.

3. The structure indicates that EUR/JPY might reverse from 138.50 levels. A break below 138.00 could be extremely bearish for the pair, towards 132.00 levels.

Trading recommendations:

Remain short now, stop at 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.