12.11.201407:14 Forex Analysis & Reviews: Technical Analysis of EUR/JPY for November 12, 2014

Long-term review

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Ahead of the key euro zone's data, the cross is trading with a mild negative stance. The weaker than expected Japanese data adds some more pressure on JPY along with the BOJ's surprise decision. The Consumer confidence fell to 38.90 from 39.90 levels. Today, traders are keeping an eye on the euro zone's industrial data. The cross is trading near the parallel resistance at 144.84 of January 2014 high; above this 145.65 is an open target. The JPY is trading at 7-year low against the USD. In case if the pair breaches the 144.84 resistance level, fresh buying will added for a new target at the 145.65 levels initially. For an intraday session, we recommend selling below 143.70 with the targets at 143.00, 142.35, and 142.09. The panic will be triggered below the 143.00 levels. In case if prices correct below 142.09, 141.70 is also possible. On the higher side, we recommend buying above the 144.40 levels.

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