FX.co ★ Technical analysis of EUR/JPY for July 24, 2014

EUR/JPY

Japan's manufacturing PMI fell to 50.8 from 51.1. Today, traders eye German and French economic data. As we recommended in our yesterday's article, keep buy with sl 136. It's good that the pair is holding above 35 HDema. It has initial resistance at 136.75, above this, 136.83 and 136.95. Strong up move will be intact only above 137 towards 137.30, 137.40, 137.50 and 138 levels.

Intraweek resistance 137.30 137.75

Intraweek support 136.40 136

If the pair hits the 136 levels, it will shift the mode to a free fall towards 134.10 (80 fib level) which is another support level. Below this, 132 is an open target until the pair trades below the 143.78 levels. The bulls must take the pair towards 138.45 on a closing basis to get back to the triangle again.

Buy with sl 136

Sell below 136

Intraday strong momentum is only above 137.30.