Technical outlook and chart setups:
1. The EUR/JPY has been trading just around the consolidation support close to 140.50 levels for a couple of days. High probability implications from here is that EUR/JPY should continue to drift lower below 136.00 levels. A break of 140.00 levels would add further conviction though. On the higher side, consolidation resistance line is passing through 142.50 levels for now and rallies are expected to remain well capped below the same.
2. Support is at 140.00 (intermediary) followed by 138.50, 136.00 and lower, while resistance is at 143.50 followed by 144.00, 145.50, respectively.
3. The structure indicates that EUR/JPY should probably remain in control of bears till prices are below 144.00 levels. A break below 140.00 levels would accelerate the fall.
Trading recommendations:
Remain short for now(plan to add further), stop at 144.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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