Technical outlook and chart setups:
1. The EUR/JPY pair is facing stalling around 139.20 levels for now. Please note that the fibonacci 0.618 resistance is also around the same levels (fall from 140.00 to 137.70). A bearish reaction could trigger from these levels, immediate resistance being 140.00.
2. Support is seen at 137.70/80, 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 respectively.
3. The structure indicates that EUR/JPY could reverse from current levels towards the lower side. The 140.00 levels should hold.
Trading recommendations:
Remain short, stop above 140.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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