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

Technical outlook and chart setups:

1. The EUR/JPY pair has stopped us out at 143.50 on Friday. But the pair has hit the 0.786 fibonacci resistance and reversed producing a doji and indicating that prices may move lower from here. It is recommended to again initiate short positions, risk remains at 145.50.

2. Immediate resistance is at 145.50, while supports are spread through 136.00 (intermediary) followed by 134.00, 131.00 and lower, respectively.

3. The structure indicates that prices are headed lower towards 132.00 and 130.00 till the time the pair remains below 145.50.

Trading recommendations:

Initiate short positions again, stop at 145.50, target open.

Good luck!