FX.co ★ Technical analysis of EUR/JPY for February 28, 2014

Technical outlook and chart setups:

1. The EUR/JPY pair loos to have formed a lower top around 141.00 region. Prices are pushing lower below 139.00 and hence recommendations are to hold short positions taken earlier. Risk remains at 143.00.

2. Immediate resistance is at 142.00, followed by 143.00 and 145.50, while supports are spread through 136.20/30 (intermediary), followed by 134.00/135.00, 131.00 and lower respectively.

3. The structure reveals that bears are in control below 143.00. Prices should continue to drift lower towards 135.00/136.00 and subsequently towards 132.00.

Trading recommendations:

Remain short, set stop at 143.50, target is open.

Good luck!