EUR / JPY: Wednesday 18th December 2013. 07:49hrs

EUR / JPY:

The monthly chart shows a strong down trend with a pull back to 61.8% Fibonacci level at 142.00

Chart below:

 

 

All other time frames are showing a strong up trend.

 

Chart below:

 

 

There is a Head & Shoulders pattern on the 60 minute time frame.

 

Conclusion:

 

I will look for a new high above 143.00 with the immediate trend, a pull back and a long position.

 

Or

 

A break down through the neck line of the Head & Shoulders at 140.90 for short positions.

 

Chart below:

 

 

FOMC Economic predictions at 19:00hrs (UK time)

 

Best Regards

 

Mad Dog Trader.