Technical outlook and charts setups:
1. The EUR/JPY is just seen to be breaking out of consolidation support line around the 140.50/60 levels as seen here. A push below 140.00 levels would accelerate downside further. Any intraday/interday rally should be well capped below 143.00 levels (consolidation resistance). It is recommended to remain short, risk remains 144.00.
2. Support is at 140.00, followed by 138.50, 136.00 (all intermediary), 134.00 and lower, while resistance is at 143.00, followed by 143.50/70, and 145.50 respectively.
3. The structure indicates that the EUR/JPY remain under pressure for now and a subsequent break below the 140.00 levels, should be further bearish. A larger 3 wave correction is possible towards 130.00 levels.
Trading recommendations:
Remain short, set stop at 144.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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