FX.co ★ Technical analysis of EUR/JPY for August 08, 2014

Technical  outlook and chart setups:

1. The EUR/JPY daily chart confirms larger picture as depicted here. The pair has been drifting lower and has taken out support at 136.00/10 levels now. Intermediary pullbacks should be taken as opportunities to initiate short positions. The pair is eyeing 132.00 and 130.00 levels.

2. Support is now at 134.00 on the daily chart while resistance is seen at 138.00, followed by 139.00 and higher respectively.

3. The structure indicates that EUR/JPY would continue to drift lower towards 130.00 levels.

Trading recommendations:

Remain flat for now, look to sell on rallies.

Good luck!