FX.co ★ Technical analysis of EUR/JPY for April 01, 2014

Technical outlook and chart setups:

1. The EUR/JPY pair is testing the backside of support line at the moment around 142.00/50 region. A reversal is expected from current levels towards downside extensions below 136.00. Also, as seen here, the triangle/cone resistance line is around 143.00 region. Bears would remain in control below 144.00 levels here. Recommendations are to remain short, risk remains at 144.00

2. Resistance is at 143.80/144.00 levels, followed by 145.50 while support is at 140.00 (intermediary), followed by 138.50, 136.00, 134.00 and lower respectively.

3. The structure indicates that bears should regain control below till prices remain below 144.00 levels. On the flip side, a break of 143.50 would confirm a bullish break towards fresh highs.

Trading recommendations:

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

Good luck!