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02.04.2014 01:01 PM
Technical analysis of EUR/JPY for April 02, 2014

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Technical outlook and chart setups:

1. The EUR/JPY pair seems to be pulling back from the 143.50 level on the 8H chart view here. A bearish engulfing candlestick signal is appearing at the moment, indicating a possible reversal or pullback on cards. It is recommended to remain short for now, risk remains at 144.00.

2. Intermediary resistance is at 143.80/144.00 levels, followed by 145.50 while supports begin through 140.00 (intermediary) levels, followed by 138.50/136.00 (intermediary), 134.00 and lower respectively.

3. The entire setup indicates that a reversal here, ahead of 144.00 levels, would bring the bears back into action and the EUR/JPY pair should resume its down trend towards a possible 130.00 region.

Trading recommendations:

Remain short, stop is at 144.00, target is open.

Good luck!

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