01.10.201406:44 Forex Analysis & Reviews: Intraday trading recommendations on EUR/JPY for October 01, 2014

Long-term review

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The pair faced strong selling pressure in yesterday's session and held support at the 61.8 fib level; below this 137.70-137.50 is a strong support zone . In the previous week, the pair hit and closed below the top end of the trend line. This week, as of now the pair is facing strong resistance at 50Wsma 139.20. Safe buy will trigger only above 139.20 only. The trading pattern is framed between the 139.70-137.70 levels. If a break is below 137.50, it will fall up to 136.90 levels.

For an intraday view, the prices are closed below key hourly moving averages. The prices are facing strong resistance in a 1-month trend line; support has become resistance. We recommend buying above 139.12 with an upside target at the 139.45 and 139.65 levels. Selling below 138.35 will mint the money.

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