FX.co ★ Technical analysis of EUR/JPY for June 16, 2014

Technical outlook and chart setups:

1. The EUR/JPY pair has taken out lows at 138.00 as seen here. A push lower from current price levels would see 136.50 levels soon. Recommendations are to sell on rallies from here on. Ideal levels to initiate short entries is between 139.00 and 139.50.

2. Support is seen at 136.50, 134.00 and lower while resistance is seen at 140.00, followed by 141.00, 124.50 and higher respectively.

3. The structure indicates that till the time prices remain below 140.00 levels, bears would remain in control and EUR/JPY shall remain sell on rallies.

Trading recommendations:

Flat for now. 

Good luck!