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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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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.