Technical outlook and chart setups:
1. The EUR/JPY pair has taken out stops and also support at 137.70 for now. The pair would like to focus on 136.00 as its next level. Recommendations are to remain flat for now. Intraday pullbacks remain possible and could be used as opportunities to go short.
2. Now, support is at 136.00/20, followed by 134.00 and lower levels, while resistance is at 139.20, followed by 140.00, 141.50/142.50, 143.50 and higher respectively.
3. The structure indicates that EUR/JPY should remain in control of bears until the prices remain below 139.20 now.
Trading recommendations:
Remain flat for now.
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 Technical analysis of EUR/JPY for July 11, 2014 . Thanks for your support on Technical analysis of EUR/JPY for July 11, 2014
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