Technical outlook and chart setups:
1. The EUR/JPY pair rallied close to 142.00 levels before pulling back. Currently trading above 141.00 levels, the pair could further rally towards 142.50 before reversing. The pair needs to clear 144.00 levels before it can be confirmed that bulls are in control and would drag prices towards new highs. Recommendations for now are to remain short, risk remains at 144.00.
2. Support is at 140.00 (intermediary), followed by 138.50, 136.00 and lower while resistance is at 143.50/144.00 followed by 145.50 respectively.
3. The structure indicates that EUR/JPY pair needs to either break below 140.00 or above 144.00 to confirm the next big move.
Trading recommendations:
Remain short for now, stop is at 144.00 target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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