FX.co ★ Short-term forecast of EUR/JPY for August 18, 2014

Last Friday, the pair finally closed above the 20DSma, which was a minor bullish view in the near term. It was rejected at 200DEma during last trading session and closed below that. In today’s Asian session, the pair opened with support of 20DSma. On the upside, the pair has strong resistance at 137.61 (200DEma). A daily close above 137.61 can extend its rally up to 137.77 and 138 which is a strong resistance in the short term. The short-term trend reversal will take place when the pair managed to close above 137.70 levels.

Support 137 136.36 135.72