FxWirePro: EUR/JPY approaching resistance at 135.95, bearish in the near term

 

• The EUR/JPY fell back from 136.60 and moving downwards to test support level at 135. pair is currently is trading at 136.10, it is expected decline further towards 135.00 level.

• Major resistance is seen at 136.46 (61.8% Retracement level ), a break above at this level will expose the pair to 137.00 handle. On the downside strong support level is located at 135.44 (38.2% Retracement level).

Recommendation: Go short below 136.50  with Targets at 135.00, 134.80 SL 137.30

Resistance Levels

R1: 136.46 (61.8% Retracement level of 138.12 to 133.80 )

R2: 136.80

R3: 137.10  

Support Levels

S1: 135.95                                           

S2: 135..44 (38.2% Retracement level)   

S3: 134.80 (23.6 % Retracement level)