Technical outlook and chart setups:
The EUR/JPY pair has stalled out near 139.00 levels and looks to be preparing to resume its downfall from here. Its resistance at 139.00/50 is holding well, bears are set to regain control back and push the pair below 125.00 levels in the coming weeks. It is hence recommended to initiate fresh short positions, with risk around 139.50 levels for now. Immediate support is seen at 136.00 levels (interim), followed by 13135.00, 134.00 and lower, while resistance is seen at 139.00/50 levels, followed by 140.00, 141.00 and higher respectively.
Initiate short positions, stop at 139.50, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com