The pair is still negatively pressured as this technical factor is very clear from the candlesticks formations and yesterday's candlestick has added further confirmation that the EUR/JPY pair is on its way to breach the Fibonacci expansion level of 61.8% at 116.40. Stable move below this above mentioned level will confirm the short term bearish direction. From here, we see chances for achieving additional negative movements over intraday basis, while RSI 14 is turning lower.
The trading range for today is among key support at 113.60 and key resistance now at 121.70.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support116.40115.75115.00114.00113.60Resistance117.00117.30118.00119.00119.80RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 116.40 targeting 113.60 and stop loss above 118.50 might be appropriate.