empty
 
 
08.07.2014 07:06 AM
Monthly forecast of EUR/JPY for July 08, 2014

EUR/JPY

Overview-

This image is no longer relevant

The pair has been consolidating at 50-week Sma just holding above that for last five weeks, but making higher highs for three weeks. In case the nearest strong support at the 137.68 level breaks below this, 136.21 is an open target on the downside. We can see the medium-term weakness below 136.21 for a downside target at 134.30 and 131.20 levels. On the upside, it has strong resistance between 139.25-140.16 levels.

This image is no longer relevant

Monthly basis - The pair is trading below the short-term and medium-term moving averages. It is unable to keep above the 20-day Sma at 138.55 levels. The pair pulled back from the 137.68 levels , but rejected at 200-day Sma. It favors "selling the rally" strategy until it breaks the 139.30 levels. The monthly trading pattern is framed between 137.70-139.30. Bulls must close above 139.30 as bears are expected to regain their strength, they must hit the 137.70 levels for an another steep fall up to 134 and 131 levels.

Monthly key support levels 137.70

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2025
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