FX.co ★ EurJpy Resistance Stays At 108.00

Technical Outlook and Chart Setups:

As depicted here, the single currency pair has stalled at the 0.786 resistance level of 107.60/70 at the moment. Structurally, it is quite possible for a retracement/pullback to materialize towards at least 104.00/50 levels. Please note 108.00 is key resistance now, followed by 110.00, while support will be provided by 104.00 level followed by 103 and 101 respectively. It is recommended to sell rallies through 107.50/70 level for now. A break higher of 108.00 levels will delay the bearish scenario.

Trading Recommendations:

Stay short for positions taken earlier. Stop is at 108.00. Target is open.

Good Luck!