10.11.201408:35 Forex Analysis & Reviews: Technical analysis of EUR/JPY for November 10, 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:

The EUR/JPY pair has is ready to follow up lower after after producing a shooting star on Friday. The pair has made an interim top at the 144.21 levels and is on its way to 140.00/139.00 at least. Resistance is now seen at 145.50, while support is seen at sub 140.00, followed by 139.00, 138.00, 135.00 and lower respectively. It is recommended to remain short, with risk at 144.50 levels for now. As seen here, the trend line supports are passing through 140.50 and 138.50 respectively and bulls are expected to resume rally from any one of these. The pair seems to be on its way to print fresh highs above 145.50 after the pullback is done.

Trading recommendations:

Remain short for now, stop at 144.50, the target 140.00.

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.