Technical outlook and chart setups:
1. The EUR/JPY pair is stalling ahead of 139.00 levels, unable to clear through 139.25 for now. The pair needs to clear through 140.00 levels to turn bullish. There is high probability from here on that the pair continues drifting lower.
2. Support is seen at 137.80, followed by 136.50 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 downside would accelerate on a break down below 137.80 levels. On the flip side, a break above 140.00 could delay matters.
Trading recommendations:
Remain flat for now. Look to sell rallies.
Good luck!
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Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of EUR/JPY for June 30, 2014
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