Technical outlook and chart setups:
There are no major changes from what we discussed last week. The single currency pair has broken the immediate line of support, and has tested the backside of the same line at 131.20 region lately. It is quite possible that a right shoulder is being carved out; and minimum downside implications are towards 119.50 level as depicted here. It is recommended to continue holding short positions and also initiate fresh into intraday rallies. Immediate resistance is at 131.20, followed by 132.00 and 133/34 region; while support is at 119.00. A head and shoulder reversal towards 119.00 level should be into play till 131.20/50 and possibly 132.00 remains intact.
Trading recommendations:
Remain short, stop is at 132.50, and target is at 119.50.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via EurJpy: Bearish setup remains intact. Immediate resistance at 131.20 . Thanks for your support on EurJpy: Bearish setup remains intact. Immediate resistance at 131.20
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