Technical outlook and chart setups:
1. The EUR/JPY pair has pulled back into the fibonacci 0.786 resistance at 137.50, as seen here. A failure to push higher from the current levels would bring back control to the bears. Recommendations are to initiate short positions here, risk remains at 138.00.
2. Support is at 135.80 (interim), followed by 134.00 and lower while resistance is at 138.00, followed by 139.23, 140.00 AND HIGHER RESPECTIVELY.
3. The structure indicates that EUR/JPY would remain under control of bears till prices remain below 138.00.
Trading recommendations:
Initiate short positions for now, stop above 138.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
