Technical analysis of EUR/JPY for February 19, 2014
February 19, 2014 6:20 am
Technical outlook and chart setups:
1. The EUR/JPY has broken out higher from the recent trading range between 139.00 and 140.00 levels. Please note that the 142.00 region is the fibonacci 0.618 resistance where a bearish reaction could be expected. It is recommended to remain short and also initiate further short positions around 142.20/30, risk remains at 143.00.
2. Immediate resistance is at 142.00, followed by 143.00 and 145.50, while supports are spread through 137.00 (intermediary), followed by 134.00 and 131.00 respectively.
3. The structure indicates that prices are retracing higher at the moment and resistance region is around 142.00. Please look for EUR/JPY to fall back and settle around the 135.00 region where trend line support meets. A line break would indicate firm grip of bears to drag further low towards 134.00 and 131.00.
Trading recommendations:
Remain short, stop is above 143.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. The EUR/JPY has broken out higher from the recent trading range between 139.00 and 140.00 levels. Please note that the 142.00 region is the fibonacci 0.618 resistance where a bearish reaction could be expected. It is recommended to remain short and also initiate further short positions around 142.20/30, risk remains at 143.00.
2. Immediate resistance is at 142.00, followed by 143.00 and 145.50, while supports are spread through 137.00 (intermediary), followed by 134.00 and 131.00 respectively.
3. The structure indicates that prices are retracing higher at the moment and resistance region is around 142.00. Please look for EUR/JPY to fall back and settle around the 135.00 region where trend line support meets. A line break would indicate firm grip of bears to drag further low towards 134.00 and 131.00.
Trading recommendations:
Remain short, stop is above 143.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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