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12/03/2014: I have just SOLD EUR/JPY @ 142.359

The break below support at 142.480 completed a top pattern today and implies a target of 141.36. There is also very little support until the old breakout high at 141.26.

This move looks corrective and the breaking of support that has held the rate for a few days should now ensure the move lower has begun.

I have placed my stop at 142.750 (39 pips) which is above the intraday reaction high at 142.720. It is also above the falling 21 hour moving average (currently 142.68) which has become a basis of resistance.

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