Technical outlook and chart setups:
1. The EUR/JPY pair has hit resistance at 139.10/20 levels as seen here, which is also the fibonacci 0.618 region. A bearish reaction can be expected here and short positions could be initiated here. Risk remains at 140.00 levels.
2. Support is seen at 137.70 levels, followed by 136.50, 134.00 and lower, while resistance is seen at 140.00, followed by 141.00, 142.50, 143.50 and higher up respectively.
3. The structure indicates that EUR/JPY is hinting at resumption of the bear trend from current levels around sub 139.00.
Trading recommendations:
Initiate short positions, stop at 140.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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