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Technical outlook and chart setups:
1. The EUR/JPY pair reverses from 142.50/60 levels yesterday forming an engulfing bearish candlestick trade signal as seen here. Please note that the pair is trading between the new channel support and resistance for now. Immediate support should be seen at 141.20/30 levels. Recommendations are to remain long from yesterday (aggressive trade setup), risk remains at 142.
2. Support is at 141.00, followed by 140.00, 138.50, 136.00 and lower while resistance is at 143.50, followed by 144.00 and 145.50 respectively.
3. The structure indicates that EUR/JPY should remain in control of bulls till prices stay above 141.00. A break below would bring bears back into picture.
Trading recommendations:
Remain flat for now, look for a bullish bounce ahead of 141.00 to go long. Aggressive trade setup is long, stop below 141.00, target is open.
Good luck!
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Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of EUR/JPY for April 30, 2014
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