01.09.201405:55 Forex Analysis & Reviews: Weekly forecast and an intraday analysis of EUR/JPY for September 01-05, 2014

Long-term review

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The pair has been rejected thrice at the broken bottom of the triangle, support became resistance. In the daily chart, the pair hit the short and near-term moving averages and the prices are closed below that. We can see an inverse H&S pattern in the daily chart. The price falls through the left shoulder support level and bounced from there on Thursday's session. The neck line existed at the 138.02 level. The pair will face selling pressure below the 136.36 levels towards 136.16 and 136-135.72 .

Until the price closes above the 137 level on a daily basis, sell on a rise on a weekly basis.

Until the price closes above the 138.75 level on a daily basis, sell on every rise on a monthly basis.

For an intraday outlook, the prices are closed and trading below 12ema level. On the down side, it has support at 136.59, 136.41, and 136.36. We recommend selling below 136.36 for an immediate target 136.20-136.17; breaking below this at the 135.85 and 135.70 levels.

Sell below 136.35 or sell on an upmove with sl 137.10.

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