Technical outlook and chart setups:
1. The EUR/JPY pair is trading around 138.30/40 levels for now and is still well below the immediate resistance around 140.00 levels as seen. Bears shall remain in control until prices stay below the 140.00 for now. Recommendations are to sell rallies through 139.00.
2. Support is seen at 136.50, followed by 134.00 and lower while resistance is at 140.00, followed by 141.00, 142.50/143.50 and higher up respectively.
3. The structure indicates that EUR/JPY needs to at least take out 140.00 levels to come back into buy zone. For now, bears remain in control.
Trading recommendations:
Remain flat for now. Look to sell higher up.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for June 18, 2014 . Thanks for your support on Technical analysis of EUR/JPY for June 18, 2014
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