FxWirePro:EUR/JPY breaks support at 138.97, bearish in the near term

• The EUR/JPY fell back from 139.90 level and moving below 138.97 (61.8 % retracement level).

• The pair is currently is trading at 138.80, it is expected decline further towards 138.00.

• Major resistance is seen at 139.29 (50 % retracement level), a break above at this level will expose the pair to 140.00 (23.6% retracement level).

Recommendation: Go short below 139.30  with Targets at 138.60, 138.25 SL 140.20.

Resistance Levels

R1: 138.97 (61.8% Retracement level)

R2: 139.30

R3: 139.60 (23.6 % Retracement level)

Support Levels

S1: 138.75                                          

S2: 138.58(61.2% Retracement level)           

S3: 137.95 (June 12th lows)