Technical outlook and chart setups:
1. The EUR/JPY pair is seen breaking below the cone/consolidation again around the mid 140.00 handle. Bears need to push below 140.00 to confirm further weakness. It is quite possible that the pair is heading lower for a larger correction towards 130.00 levels. Recommendations are to remain short, risk remains at 144.00.
2. Support is at 140.00 (intermediary), followed by 138.50, 136.00, 134.00 and lower, while resistance is at 143.50/80, followed by 145.50 and higher respectively.
3. The structure indicates that EUR/JPY is bearish below 144.00. Only a sustained break above 144.00 would bring back bulls in the game.
Trading recommendations:
Remain short, 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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