Technical outlook and chart setups:
1. As seen here, the pair has taken off immediate resistance at 139.00 levels for now. After printing highs at 139.90 levels, the pair has reversed and is seen to continue drifting lower towards at least to 138.50 levels if not further. Recommendations are to initiate short positions now, around 139.75, risk remains above 140.00; a more conservative approach would be to remain flat.
2. Support is seen at sub 138.00 levels, followed by 136.50 and lower here, while resistance is seen at 141.00, followed by 142.50/143.50, 144.00 and higher respectively.
3. The structure indicates that EUR/JPY is headed lower from current levels. A bullish reversal at 138.50/60, would bring bulls back in picture.
Trading recommendations:
Initiate short positions around 139.75, stop at 140.20, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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