Technical outlook and chart setups:
1. The EUR/JPY pair has responded well on the trend line support. A bullish bounce is produced with a morning star trade signal. Please also note that the bullish bounce has appeared at past resistance turned support region 140.60/141.00. It is recommended to remain long from yesterday, risk remains below 140.00.
2. Immediate support is at 140.50/139.00/136.50 (intermediary), followed by 134.00, 131.00 and lower, while resistance is at 144.00 and 145.50 respectively.
3. The structure reveals that EUR/JPY might have formed a higher low at 104.50 recently and till prices remain above this region, the pair should remain in control with bulls.
Trading recommendations:
Remain long, set stop below 140.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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