Technical outlook and chart setups:
1. The EUR/JPY pair has begun retracement from 140.00 levels as expected. Please note that a break of 138.00 would open doors for a larger correction towards 132.00 levels as seen here. Recommendations are to remain flat for now OR aggressive trade setup would be to remain short with risk above 140.00.
2. Support is at 138.00 (interim), followed by 136.50, 134.00 and lower while resistance is at 140.00, followed by 141.00, 142.50/143.50, 144.00 and 145.50 respectively.
3. The structure indicates that EUR/JPY could be extremely bearish if 138.00 breaks down.
Trading recommendations:
Remain flat for now. Aggressive setup is to remain short, stop at 140.50, target is open.
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 June 10, 2014 . Thanks for your support on Technical analysis of EUR/JPY for June 10, 2014
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