FX.co ★ Technical analysis of EUR/JPY for July 04, 2014

 Technical outlook and chart setups:

1. The EUR/JPY pair seems to be bouncing off 139.20 levels as seen here. Also note that the level is fibonacci 0.618 resistance as well (of the fall from 140.00 to 137.70). Recommendations from here are to remain short, risk remains at 140.00.

2. Support is seen at 137.70 levels, followed by 136.50, 135.50,134.00 and lower while resistance is seen at 140.00, followed by 141.00, 142.50/143.50 and higher respectively.

3. The structure indicates that EUR/JPY pair could just be on its way lower below 137.70 and further.

Trading recommendations:

Remain short, stop above 140.00, target is open.

Good luck!