Technical outlook and chart setups:
1. The EUR/JPY pair is testing resistance at 140.00 levels again before bears regain control. A push above 141.00 levels would bring 142.00/50 in view (fibonacci 0.618 resistance). It is recommended to remain short, risk remains at 143.00.
2. Immediate resistance is at 142.00/143.00, followed by 145.50, while supports are spread through 136.50 (intermediary), followed by 134.00, 131.00 and lower.
3. The structure indicates that prices could test 142.00 levels before reversing lower. On the other side, a push through 143.00 should bring 145.50 in view.
Trading recommendations:
Remain short, stop is at 143.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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