FX.co ★ Technical analysis of EUR/JPY for April 28, 2014

Technical outlook and chart setups:

1. The EUR/JPY pair is still holding the 141.00 levels as seen here. Please note that a break of 140.00 would confirm that the pair is headed further south. Recommendations are to hold short positions for now, risk remains at 144.00. Only a break above 142.50 and subsequently 143.50 would be favorable for bulls.

2. Support is at 140.00 (intermediary), followed by 138.50, 136.00, 134.00 and lower while resistance is at 143.50, 144.00, 145.50 respectively.

3. The structure indicates that EUR/JPY bears would regain control below 140.00 levels. On the flip side, a break of 143.50 levels would be a concern for bulls.

Trading recommendations:

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

Good luck!