FxWirePro:EUR/JPY breaks support at 139.63, bearish in the near term

• The EUR/JPY fell back from 140.00 level and moving below 139.63 (38.2% retracement level).

• The pair is currently is trading at 139.41, it is expected decline further towards 138.50.

• The market will  be volatile due to Eurogroup 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. As a result Euro has lost it steam against Japanese Yen in the short term.

• Major resistance is seen at 139.63 (38.3 % reteracement level), a break above at this level will expose the pair to 140.00 (23.6% reteracement level).

Recommendation: Go short below 139.50  with Targets at 139.10, 138.80 SL 140.00

Resistance Levels

 
R1: 139.63 (38.2% Retracement level)

R2: 140.00

R3: 140.36 (23.6 % Retracement level) 

Support Levels

S1: 139.28

S2: 138.98 (61.2% Retracement level)

S3: 139.33