FX.co ★ Technical analysis of EUR/JPY for January 10, 2014.

Technical outlook and chart setups:

1. Prices have remained seemingly unchanged since yesterday. After breaking the immediate support line, the EUR/JPY has consolidated for a while now. Aggressive trade setup would be to initiate long positions now at 142.70/80. Risk remains at 141.50.

2. Immediate resistance is at 145.50, while supports are spread through 141.50 (intermediary), followed by 141.00, 138.20, and lower.

3. The following possibilities are emerging. i) A counter trend rally expected towards 144.20/50 and resumption of downswing. ii) A break higher of 145.00 could possibly see 146.00/147.00.

Trading recommendations:

Go long (142.70), stop is at 141.50, target is at 144.00/50.

Good luck!