Technical outlook and chart setups:
1. The EUR/JPY trades between 141.00 and 138.80/139.00 levels during several sessions. A break out on either direction is required for further directional conviction. At the moment, it is recommended to hold short positions. The risk remains at 143.00
2. Immediate resistance is at 142.00/143.00, followed by 145.50, while supports are spread through 136.00 (intermediary), followed by 134.00, 131.00 and lower respectively.
3. The structure indicates that bulls could regain control if the price fails to break 136.00 lows in the coming sessions. 142.00/143.00 remains resistance region to check any rallies.
Trading recommendations:
Remain short, stop at 143.00, target open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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