Technical analysis of EUR/JPY for June 12, 2014



Technical outlook and chart setups:
1. The EUR/JPY pair has taken out 138.00 lows and also the immediate trend line support as seen here. It is quite possible that a major correction is under way towards 131.00 levels as shown here. Recommendations are to initiate selling on rallies from here on. 139.00 levels could be immediate resistance.
2. Support is 136.50, followed by 134.00, 132.00 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 be heading lower towards 131.00 levels in a corrective manner.

Trading recommendations:
Remain flat for now. Look to sell around 139.00.

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