11.07.201310:52 Forex Analysis & Reviews: EUR/JPY: remain short for now. Resistance holds at 132.00

Long-term review

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Technical outlook and chart setups:

This currency pair is on track towards lower levels for now. It is recommended to remain short and look to sell intraday rallies as well. The overall wave structure could be that of a head and shoulder being carved out and a probable right shoulder is in place around 131/132 levels. If this count turns to be true, the currency pair should be heading towards 119.00 levels in the sessions to come. Immediate resistance is the 131/132 range, followed by 133/134 on the higher side. Intermediary support levels are at 126.00, followed by 125.00 and major support is around 119.00 levels. Looking lower for now.

Trade recommendations:

Remain short, stop at 132.00, target open.

Good luck!

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