20.08.201409:14 Forex Analysis & Reviews: Medium-term forecast and an intraday recommendation on EUR/JPY for August 20, 2014

Long-term review

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The pair took the 2-year channel support trend line and slowly inching up sideways. On today's Asian session, the pair took support at 20DSma. Until the pair trades above the trend line, it can fly up to 137.60 and 137.70.

A daily closure above 138 the near short-term trend turns to positive. - Pending

A weekly closure above 138.60, the medium-term trend turns to positive. - Pending

Until the price closes below the 138 levels, on the down side it has an open target at 134 levels in the short term.

Intraday cmp 137.33

The prices closed above the hourly key moving averages. For an hourly trading view, the pair has support at 137.22 and below this at 137.097 and 137.02. We recommend selling only below 137 or strong buying above the res line.

Support is 137.22,137.09, and 137.02.

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