Technical outlook and chart setups:
1. The EUR/JPY pair has rallied through the 140.00 levels, taking out resistance at 139.00 levels as seen here. The next resistance is at 141.00 levels and bulls would want to target after pulling back lower. Please note that 138.00 level remain key for a bearish reversal. Recommendations are to exit long and remain flat.
2 Support is at 138.00, followed by 136.00 and lower while resistance is at 141.00, followed by 142.50/143.50, 144.00 and 145.50 respectively.
3. The structure indicates that EUR/JPY bulls shall remain in control till prices stay above 138.00 levels.
Trading recommendations:
Remain flat for now. Aggressive setup could be to initiate short positions, stop above 141.00, target open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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