Technical outlook and chart setups:
The EUR/JPY pair finally produced a bearish evening star candlestick pattern on the daily chat yesterday. The pair is currently trading around 139.30/40, expected to continue dropping lower from here. Please note that the reversal candlestick pattern has been formed at fibonacci 0.618 resistance levels as depicted here. It is recommended to remain short hence with risk around the level of 142.50. Immediate resistance is seen at 141.00 followed by 142.00 and higher. Support is seen at 138.00 followed by 135.00, 133.00, and lower respectively.
Remain short, stop is at 142.50, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com