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24.01.2014 04:57 AM
Technical analysis of EUR/JPY for January 24, 2014.

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Technical outlook and chart setups:

1. The EUR/JPY pair remains unchanged since a few trade sessions, drifting sideways between 140.50 and 142.00. It is recommended to remain flat for now and initiate short positions around 143.00/50.

2. Immediate resistance is at 143.00, followed by 145.00/50, while support is at 140.50 (intermediary), followed by 138.50, 134.00 and lower respectively.

3. The structure reveals that a rally towards 143.00/50 should materialize. In case of failure at that level, the pair should be sold. A push above 143.00 would target 144.50.

Trading recommendations:

Sell on rallies into the 143.00/50 region, stop is above 145.50, target is open.

Good luck!

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