FxWirePro: EUR/JPY takes a breather from a 4-day rally, short-term correction likely

EUR remains muted on the day, positive news with respect to Greek deal or German GDP data ignored.

• EUR/JPY lower on the day, is now trading near 138.50 levels, day's range 138.84/34.
• Thinning Ichi cloud and Stochs bearish crossover at overbought levels indicate weakness in the short-term.
• Markets now focus on Eurogroup meeting, Germany likely to play hardball with respect to approving the latest Greek deal.
• Immediate support is seen at 138.00, followed by a major support at 137.79 (July 13 high), breaks below could see pair at 135.54 (Aug 7 low).
• On the flip side, resistance is seen at 138.85 (daily high) and further at 140.00 levels.