29.01.201501:32 Forex Analysis & Reviews: Forecast and trading recommendations on EUR/JPY for January 29, 2015

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.

The cross paused its 2-day winning move. At yesterday's late session, the pair fell approx 1.3% and made a low at 132.45. The pair has the nearest strong support at 131.20; below it 129.40 and 129.00 will act as strong support levels. In case if the cross falls below 129.00 on a monthly closing basis, it can extend its fall to 128.00, 125.00, and 121.50 or 50Msma. Considering the current situation, we have 2 trading days left this month. The weekly support exists at 129.40. Today, the focus has shifted to German prelim CPI and unemployment change data. As for the factors affecting the yen, Japan's retail sales data is due. Today, the cross also opened and is trading on a bearish note. On the hourly chart, the prices are closed and trading below hourly moving averages. We can observe strong distribution patterns on the h4 chart between 134.00 and 134.20. Until the pair closes below, bears have an upper hand.

Monthly support: 131.20,129.40,129.00

Intraweek resistance: 134.35

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.