FX.co ★ Technical analysis of EUR/JPY for July 07, 2014

Technical outlook and chart setups:

1. The EUR/JPY returns from 139.20 levels as seen here. Please note that inner line and fibonacci 0.618 are also seen passing through the same level. The pair should remain in control of bears until price remains below 140.00.

2. Support is seen at 137.70, followed by 136.00, 134.00 and lower, while resistance is seen at 140.00, followed by 141.00, 142.50/143.50 and higher up respectively.

3. The structure indicates that EUR/JPY could continue drifting lower until price remains below the 140.00 mark.

Trading recommendations:

Remain short, stop at 140.00, target is open.

Good luck!