Technical outlook and chart setups:
1. The EUR/JPY pair has bounced back after testing lows at 140.50. It looks like the pair is preparing to rally further towards 144.00 and 145.50, with the recent lows holding well. Recommendations are to hold long positions taken earlier, risk remains at 140.00.
2. Immediate support is at 140.50 (intermediary), followed by 138.80/139.00/136.50, 134.00, 132.00 and lower, while resistance is at 144.00 (intermediary), followed by 145.50 respectively.
3. The structure reveals that EUR/JPY bulls are wanting to remain in control for now. A push through 142.00 shall confirm the same.
Trading recommendations:
Remain long for now, place stop at 140.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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