08.10.201407:42 Forex Analysis & Reviews: Technical analysis on EUR/JPY for October 08, 2014

The pair is facing strong resistance at 50Wsma. It was unable to breach the level during the previous week. This week the pair is facing strong resistance at 20Wsma, at 137.91. In yesterday's deals the pair was again sold off and took the support at the 80.0 fib level on a closing basis and closed at 136.85 levels. Today the pair is showing a strong pullback in Asia's session with the support of at the previous low. The pair has resistance at 137.04 levels. The pair is trading on a bearish note, close below 50Wsma and 20Wsma represents short-term weakness. A close below 50Dsma represents near-term noise. Combined selling on every up move will mint the money.

For an intraday view, the prices are trading below the hourly moving averages 35DEMA and 12ema levels. The pair is facing strong resistance at 137.04, 12ema and 18 hr high. We can see strong and safe selling at current market price. If the pair manages to breach above 137.04 it can fly up to 137.50, 137.76 and 137.87. Until the h4 candle closes above the descending trend line, use every up move to sell.