FX.co ★ Intraday trading recommendations on EUR/JPY for August 29, 2014

The pair has been making lower lows and lower highs for 5 days. Today in Asia's session, the pair was opened with a lower low. The pair closed far below the 20Dsma. In the weekly chart, the pair was rejected thrice from the broken support trend line.

Weekly basis. Until the pair closes below the 137.20 level, selling on the rise will mint money. - Active.

Monthly basis. Until the pair closes below the 138.70 level, selling on the rise will mint money. - Active.

On the down side, it has a parallel support at the 137 level. Below this, 136.75-136.60 will be used as a weekly support level.

Until the pair closes below the 138.70, on the down side 134.50-134 will act as an open target in the near term.

On intraday basis, the prices are closed below and trading below 12ema, negative for hourly and intraday trading. The pair has been consolidating for the last 15 hours between 136.79-136.64. The prices are facing strong resistance at 21hrsma in the H1 chart. Until the pair trades below 137.30, selling on every upmove will mint money.

Resistance is at 136.90, 137.21, and 137.30.

The trading range is between 136.36-138.02. We will see panic below 136.36 and a huge spike above 138.02.

Fresh sell only below 136.36.