Forex: EUR/JPY still trading within its sideways range

on Mar 5, 2014

·         EUR/JPY is still trading within its sideways range, between the support of 139.15 (S1) and the key resistance of 141.25 (R1). I maintain my neutral view for the short term outlook at the moment, since only a move above 141.25 (R1) would mean that the picture has turned positive. Both our momentum studies continue moving below their blue resistance lines and a clear dip below the 139.15 (S1) support will flip the bias back to the downside. Meanwhile, our moving averages lie close to each other and point sideways, confirming the non-trending phase of the currency pair.

·         Support: 139.15 (S1), 137.55 (S2), 136.20 (S3)

·         Resistance: 141.25 (R1), 142.85 (R2), 144.35 (R3).


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