DAILY FOREX POST – EUR/JPY DECEMBER 20, 2013

EUR/JPY Technical view

SPOT EUR/JPY Previous day OHLC

Open	High	Low	Close	Change
142.63	142.83	141.81	142.39	-0.24

Today's Support and Resistance

Resistance
Support
R3	144.70
R2	143.20
R1	142.90
S1	141.50
S2	141.10
S3	139.70

EURO ended the session on Thursday with losses of 0.17%, versus the yen, giving back some of the gains from the previous session. The pair remained volatile, heading towards crucial supports at 141.00- 141.50 after failing to extend its gains beyond 143.00, recent highs. Near term, the losses are likely to be capped at 141.00- 141.50; bottom end of the near term bullish channel while the pair could face stiff resistance at 143.00. ONLY a close above 143.00, we could see the gains extending to 144.50- 145.00; top end of the near term bullish channel

TREND DIRECTION

• Short term: Bullish
• Medium term: Bullish
• Long term: Bullish

TRADING RECOMMENDATIONS

• Short:

  • N/A

• Long:

  • At 141.40 with a stop at 140.80 for a profit target of 142.70