EURJPY Weekly Forecast Mar 03 2014

Despite rise from 136.22 levels the past few weeks, outlook in EURJPY is on the downside as long as resistance 141.25 holds on a weekly closing basis with risk towards the 137.50 levels , where a breach will turn focus on the 135.30 levels, a cut will bring a free fall towards the 132.50 levels.

On the upside , break of 141.25 on a weekly basis will have large bullish implication towards the 145.70 levels , break of 145.70 will extend gains towards the 147.90 levels.

In all , as long as resistance 141.25 holds , the EURJPY is likely to return to its medium term downside bias with risk towards 135.30 levels , break of 141.25 will confirm bottoming and open 145.70 levels.

For day traders , selling the pair is recommended after rejection from 141.25 on a daily basis with target towards 138.66 levels ahead of 137.50 levels, or buying the pair after rejection above the 141.25 levels on a daily basis with target towards the  143.15 levels ahead of 145.15 levels.



EURJPY Weekly Forecast Mar 03 2014




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