FxWirePro: Sell EUR/JPY below 139.00, bearish in the near term

• 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