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23.01.2014 04:31 AM
Technical analysis of EUR/JPY for January 23, 2014.

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Technical outlook and chart setups:

1. The EUR/JPY pair remains locked between 141.00/50 for now. It is still recommended to remain flat and look towards the 143.00/50 region to initiate short positions.

2. Immediate resistance is at 143.00/50, followed by 145.00/50, while supports are spread through 138.50, followed by 134.00 and 131.00 respectively.

3. The structure reveals that a meaningful top could be in place at 145.50. A counter trend rally could extend towards 143.00 providing opportunities to initiate short positions.

Trading recommendations:

Remain flat for now. Look to sell around 143.00/50.

Good luck!

Summary
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