15.08.201404:42 Forex Analysis & Reviews: Intraday trading recommendations for EUR/JPY for August 15, 2014

Long-term review

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The pair took support of the 2-year support trendline and bounced towards 20DSma. It has been rejected there for last 7 days, even though it breached on an intraday basis, but at the end of the day, the pair closed below the 20DSma. Today in early Asia's session, the pair exactly touched the 20DSma and started moving lower. A daily close above 137.24, it can fly up to 137.50, 137.81 and 138 levels. A daily close below 136.20, the short-term trend turns negative towards 134.50-134 levels.

Support 136.40 136.20 136

Resistance 137.25 137.80 138

Intraday cmp 136.93

The prices are trading above 12ema and 21 hrsma. For an hourly trading perspective, the pair has support at 136.90 (12ema), 136.85 (21hrsma) and 136.70 (34hrsma). The pair looks weak below 136.70, it can correct up to 136.55, 136.35 and 136.15 levels.

Sell only below 136.70.

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