Technical Analysis for EUR/JPY

Technical Analysis for EUR/JPY

The pair settled below 140.15 opening way for the downside correction targeting next 138.45. The positivity on momentum indicators however is forcing the current fluctuations around 140.15 areas, the critical level for the extension of the downside move. A breach of which will initially lead the pair to test 142.25 areas. The MA 50 and 100 support our expectations for the downside move.

Support: 139.60, 139.00, 138.45, 138.00, 137.65
Resistance: 140.15, 141.10, 141.50, 142.25, 143.15

Recommendation Based on the above, sell the pair below 140.15 targeting 139.00 then 138.45 and stop-loss above 141.20