EUR/JPY - Fading Near The Top of its Declining Channel

By: MIG Bank | Wed, Aug 6, 2014
Print Email

EUR/JPY has faded near the resistance implied by its declining channel (around 138.16). The break of the hourly support at 137.34 (22/07/2014 high) suggests the end of the rebound and favours a test of the recent lows. An initial resistance lies at 137.34 (previous support).

The bearish breakout of the 200 day moving average confirms a deterioration of the mediumterm technical structure. A key support stands at 136.23 (04/02/2014 low), while a strong resistance lies at 104.09 (09/06/2014 high).

The long-term technical structure remains positive as long as the support at 134.11 (20/11/2013 low) holds.

Daily Technical Report



MIG Bank

Author: MIG Bank

MIG Bank

MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex broker to obtain a Swiss banking license. Since its foundation in 2003, MIG BANK specializes in online Forex trading and remains a leading Forex broker for clients in more than 120 countries.

No information published constitutes an offer or recommendation, to buy or sell any investment instrument, to any transactions, or to conclude any legal act of any kind whatsoever.

The information published and is provided by MIG BANK for personal use and for purposes only and are to change without notice. MIG BANK makes no representations (either expressed or implied) that the information and opinions expressed are accurate, complete or up to date. In particular, nothing contained constitutes financial, legal, tax or other advice, nor should any investment or any other decisions be made solely based on the content. You should obtain advice from a qualified expert before making any investment decision.

All opinion is based upon sources that MIG BANK believes to be reliable but they have no guarantees that this is the case. Therefore, whilst every effort is made to ensure that the content is accurate and complete, MIG BANK makes no such claim.

Limitation of liability
MIG BANK disclaims, without limitation, all liability for any loss or damage of any kind, including any direct, indirect or consequential damages.

Material Interests
MIG BANK and/or its board of directors, executive management and employees may have or have had interests or positions on, relevant securities.

All material produced is copyright to MIG BANK and may not be copied, e-mailed, faxed or distributed without the express permission of MIG BANK

All Images, XHTML Renderings, and Source Code Copyright ©