Technical outlook and chart setups:
1. The EUR/JPY pair is unchanged for now, oscillating between the channel support and resistance between 141.00/20 and 142.30/50 levels. The pair has just bounced off the channel support from 141.20 levels; and a push further would move towards 142.50 and 143.00 as seen here. Recommendations are to remain flat while an aggressive trade setup is to remain long with risk just below 141.00.
2. Support is at 141.00, followed by 140.00, 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 remains cautiously bullish till prices stay above the channel line support seen here. Only a break below 141.00/140.00 would confirm that bears are back in control.
Trading recommendations:
Remain flat for now. Aggressive setup is to remain long, set stop below 141.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for May 02, 2014 . Thanks for your support on Technical analysis of EUR/JPY for May 02, 2014
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