empty
 
 
02.01.2014 08:52 AM
Technical analysis of EUR/JPY for January 02, 2014.

This image is no longer relevant

Technical Outlook and Chart Setups:

1. The single currency pair is trading sideways as seen on shorter timeframes, (4H specifically). As seen on the daily chart depicted here, a push above the 145.00/50 level will still open doors for 147.00 on the higher side. Recommendations are to remain flat for now and await for a clear signal to initiate short positions.

2. Resistance is fixed at the 145.50 level, while supports are spread through 142.00, 141.00, 138.50, and lower. Also the support trend lines still remain intact as seen here. We need a break of trend line and at least 142.00 to confirm that a meaningful top is in place.

3. Entire structure reveals that EUR/JPY is in a bull run, which should continue after a meaningful pullback though.

Trade recommendations:

Flat for now.

Good luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback