FX.co ★ EurJpy Tests Resistance Around 107.50-108.00

Technical Outlook and Chart Setups:

As depicted here, prices are more or less in the same trading range, just ahead of 108.00. Furthermore, the Fibonacci 0.786 level retracement of the entire fall from 111.00 level is passing through the same region. Immediate resistance is at 108.00 and then followed by 111.00; support begins from 105.20 followed by 104.00 and 100.50 respectively. It is recommended to sell intraday rallies through the 107.50 region. In the short term we are looking lower.

Trading Recommendations:

Hold on to short positions taken earlier. Sell intraday rallies towards 107.50. Stop is at 108.00. Target is at 104.50.

Good Luck!