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07.01.2014 09:08 AM
Technical analysis of EUR/JPY for January 07, 2014.

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Technical outlook and chart setups:

1. The EUR/JPY pair seems to be preparing for a counter trend rally towards the 144.00/50 region. At the moment it is recommended to remain flat and prepare to initiate short positions at 144.00/50.

2. Resistance is at 145.00, while support is at 141.50 (intermediary) followed by 141.00 and 138.00, respectively.

3. The structure (4H), reveals that prices are in a correction mode and a counter rally should materialize towards 144.00/50 levels before falling further towards 138.00 atleast.

Trade recommendations:

Prepare to go short at 144.00/50 level.

Good luck!

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