Technical outlook and chart setups:
1. The Eur/JPY seems to be facing resistance just ahead of the fibonacci 0.618 levels as seen here. The pair could reverse from 138.50 levels, towards fresh lows. Recommendations are to initiate short positions here, risk remains 140.00.
2. Support is seen st 138.00 levels (interim), followed by 136.50, 134.00 and lower, while resistance is at 140.00, followed by 141.00, 142.50/143.00 and higher respectively.
3. The structure indicates that EUR/JPY might reverse from 138.50 levels. A break below 138.00 could be extremely bearish for the pair, towards 132.00 levels.
Trading recommendations:
Remain short now, stop at 140.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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