- The EUR/JPY pulled back from 138.29 level and moving towards 139.10 (61.18% retracement level).
- The pair is currently is trading at 139.80, it is expected decline futher towards 138.00.
- The market will be volatile due to Greece back in spot light,Courtsey of Eurogroup finance ministers meeting scheduled later in the day . The Eurogroup will probably try to bring the two parties Greece and its creditors with the intention of breaking a deal. At 08:30 (GMT) US Q1 GDP (Gross Domestic Product) and GDP Price Index (QoQ) is set to released.So traders should trade this cross pair with caution.
- Major resistance is seen at 139.10 (61.2 % reteracement level), a break above at this level will expose the pair to 138.85 (38.2% reteracement level). Support level can be seen at 138.30 break below this level will expose the cable to 138.00 level.
Recommendation: Go short below 139.10 with Targets at 138.30, 138.00 SL 140.00
Resistance Levels
R1: 139.11 (61.18 % Retracement level)
R2: 139.47
R3: 139.83 (23.6 % Retracement level)
Support Levels
S1: 138.30
S2: 137.90
S3: 137.00
