Technical outlook and chart setups:
The EUR/JPY pair is trading around 135.50 and is quickly approaching the resistance levels of 136.40/50. Please note that 136.50 is fibonacci 0.618 resistance of a drop between 139.00 and 132.25. It is hence recommended to initiate 50% short positions now and remaining 50% at 136.40/50 with risk at 139.00. Immediate support is seen at the levels of 133.00 followed by 132.00 and lower while resistance is seen at 136.50 followed by 139.00, 140.00/141.00, and higher respectively.
Trading recommendations:
Initiate 50% short positions now and remaining at 136.50 with stop at 139.00 and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for September 10, 2015 . Thanks for your support.
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