Technical outlook and chart setups:
1. The EUR/JPY pair is on track towards 130.00 levels at the moment. It is testing the line of support at 140.50 levels. A clear break is required to instill further confidence in the bearish setup. It is recommended to remain short, bring risk to break even levels.(143.00)
2. Immediate resistance is at sub 144.00 levels (intermediary), followed by 145.50, while supports are spread through 138.50/136.50 (intermediary), followed by 134.00, 131.00 and lower respectively.
3. The structure reveals that EUR/JPY should continue to drift lower after the support trend line breaks. Minimum expectations are 132.00 and 130.00. On the other hand, a bullish reversal here, should be taken as a warning sign to bears.
Trading recommendations:
Remain short for now, set stop at break even, target is 132.00. Reverse trade is on a bullish bounce back at the trend line.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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