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16.07.201405:27 Forex Analysis & Reviews: Technical analysis of EUR/JPY for July 16, 2014

Long-term review

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Technical outlook and chart setups:

1. The EUR/JPY pair is stalling at 138.00 levels for now and could be hinting at a pullback. A push through 138.70 levels would be extremely bullish for the pair. However, below 137.50 we could see 136.00 levels and below.

2. Support is seen at 137.50 (interim), followed by 136.00, 134.00 and lower while resistance is at 140.00. followed by 141.00, 142.50/143.50 and higher respectively.

3. The structure indicates that EUR/JPY could could turn bullish above 138.75 levels.

Trading recommendations:

Exit short positions. Remain flat for now.

Good luck!

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