Technical outlook and chart setups:
1.The EUR/JPY remain stuck at the consolidation support around 141.30/50 levels for now. A break below 140.00 would confirm that bears are back to gain control, while a break above 142.50 would test 144.00 and higher levels. Recommendations are to stay away from taking fresh positions for now.
2. Support is at 140.00 (intermediary), followed by 138.50, 136.00, 134.00 and lower, while resistance is at 142.50, followed by 143.80/144.00 and 145.50 respectively.
3. The structure indicates that EUR/JPY is trading sideways broadly between 144.00 and 140.00. Fresh positions could be initiated on a break of either levels.
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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