FX.co ★ EUR/JPY to face resistance at 139.80

Technical outlook and chart setups:

As seen on the 4H chart view here, the single currency pair has broke its immediate line of support earlier. At the moment, it might be retracing the fall and is expected to face resistance between the 139.70/80 area. It is recommended to hold on to short positions and add further between 139.50/80 region. Immediate resistance is the 140.00 level; while supports are spread through 137.00, followed by 134.00 and 131.00 respectively. The entire structure reveals that till prices are below 140.00 level, there is high probability that a meaningful retracement occurs towards 136.00 and then 134.00 levels at least.

Trade recommendations:

Remain short for now, stop above 140.00, target 136.00 and 134.00.

Good luck!