02.12.201314:28 Forex Analysis & Reviews: EUR/JPY hits 139.40/50 extensions. Exit long positions for now

Long-term review

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Technical Outlook and Chart Setups:

The single currency pair has met the extension at 139.40/50 levels as expected. Its long positions were initiated last week, it is recommended to book profits now. A visible tweezer top candle stick formation could be seen taking shape for now and if the day completes around 139.00/20 levels, the same would be confirmed. This would be a bearish signal confirmation for initiating short positions. Immediate support is around the 137.00 region followed by 134.50, 131.00 and lower; while resistance is seen at 142.00 levels on the higher side. It remains a possibility that meaningful retracement could be underway soon.

Trade Recommendations:

Book profits if long positions were initiated earlier. Flat for now.

Good Luck !

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