04.06.201212:47 Forex Analysis & Reviews: GBP/JPY Technical Levels and Trading Recommendations for June 4, 2012

Long-term review

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Technical outlook and chart setups:

The EUR/JPY pair is trading around the level of 135.50 now and might be preparing to continue dropping lower until at least 133.00 before it could produce any meaningful retracement. It looks like the pair formed a meaningful top yesterday and all rallies from there should remain well capped below the levels of 136.80/90. It is hence recommended to remain short with risk around 137.30/50. Immediate support is seen at the levels of 133.00/50 followed by 131.00, 129.00, 128.00, and lower while resistance is seen at 136.90/137.00 and higher respectively.

Trading recommendations:

Remain short, stop at 137.30/50, a target is open for now.

Good luck!

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