FX.co ★ Technical analysis of EUR/JPY for January 27, 2014.

Technical outlook and chart setups:

1. The EUR/JPY drifts further low towards 140.00 region for now. It is indicating that the downfall could further extend to lower levels, but recommendations are to initiate short positions at 143.00/50 region.

2. Immediate resistance is at 143.00, followed by 145.50, while supports are spread through 139.20/30, followed by 131.00, 128.00 and lower.

3. The structure indicates that EUR/JPY could drift further low, and that a meaningful top is in place at 145.50. Resistance is at 143.00/50, the fibonacci 0.618 retracement level.

Trading recommendations:

Remain flat for now. Look to sell around 143.00/50, stop is at 145.50, target is open.

Good luck!