Technical outlook and chart setups:
The currency pair stopped out last week and hit fresh highs at 142.80/90 levels, which had been expected. Since then, the pair has broken down the short-term trend line as depicted here. Support levels are spread through 141.00 levels, followed by 137.00, 134.00 and lower; while resistance is now fixed at 142.90/143.00 respectively. As seen here, the 0.618 fibonacci retracement is at 142.20 levels and it is recommended to initiate short positions if prices manage to reach that point. The risk would remain at 143.20 levels. A reversal from 142.20 levels would bring down prices to 140.00 levels initially, and 138.50 thereafter.
Trading recommendations:
Sell at 142.20, stop at 143.20, target is open.
Good luck!
