20.10.201405:00 Forex Analysis & Reviews: Intraday analysis on EUR/JPY for October 20, 2014

The pair broke below the base of the triangle in the weekly chart, but at the end of the week well managed to closed above it. The economic data from the Euro zone, especially from Germany is pushing the pair towards lower levels. In the daily chart, the pair prepared a minor base at 135.50. For the last 3 days the pair has been giving a strong close. Today, as well in Asia's session, the cross made a low above a previous close, but was unable to trade above 136.71, a previous days close. In case if the pair trades above 136.71 it can travel up to 136.82, the 38.2 fib level, 137.06 and 137.40, 20Wsma. We strongly recommend buying above 136.71 (a previous week's high). On a positional basis, the pair has strong resistance between 137.40 (20Dsma), 137.60 (50Dsma) and 137.81 (100Dsma).

Resistance: 137.40, 137.62, 137.93

Support: 136.47, 136.20, 135.50

Trade-

Buying above 136.71 for targets at 136.82, 137.06 and 137.38. Strong rising is expected above 136.95 (35DEMA) towards next targets.

Selling, below 136.35, panic, below 135.70.