FX.co ★ Technical analysis of EUR/JPY for July 10, 2014

Technical outlook and chart setups:

1. The EUR/JPY pair bounced off the intermediary support line ahead of the 137.80/90 levels yesterday. At the moment, the prices are returning back towards the same levels. A break here could be extremely bearish for the pair and expose the 137.70 levels, at least.

2. Support is seen at 137.70, followed by 136.00, 134.00 and lower while resistance is seen at 139.20, followed by 140.00, 141.00 and higher respectively.

3. The structure indicates that EUR/JPY could again come under pressure below the 138.00 levels.

Trading recommendations:

Remain long from yesterday, stop below 138.70.

Good luck!