Technical outlook and chart setups:
1. The EUR/JPY pair tests range bottom at 140.00 once again for now. A bullish reversal seems more probable from current levels of 140.10/15, which could push prices towards the mid 142.00's easily. A push above 143.00 would confirm that bulls are firmly in control and poised to test 144.00 and 145.50 as well. On the flip side, a break below 140.00/139.80 would ensure that the pair is slated for a larger correction. Recommendations are to remain flat for now.
2. Support is at 140.00, followed by 138.50, 136.00 and lower while resistance is at 142.50/143.00 followed by 143.50/144.00 an 145.50 respectively.
3. The structure indicates that the EUR/JPY pair could move towards 142.50 at least till the time prices stay above 140.00 levels for now. A break below would be encouraging for bears though.
Trading recommendations:
Remain flat for now OR long with stop below 139.80, target is 142.50.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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