Technical outlook and chart setups:
1. The EUR/JPY pair is bouncing off the intermediary support line ahead of 137.80 as seen here. A confirmed bullish reversal here would indicate that the next move could be higher. Recommendations are to exit short positions for a while.
2. Support is seen at 137.70/80, followed by 136.00, 134.00 and lower while resistance is seen at 140.00, followed by 141.00, 142.50/143.50 and higher up respectively.
3. The structure indicates that EUR/JPY may bounce off from the current levels around 138.00/20.
Trading recommendations:
Exit short positions now. Turn long. stop below 137.70, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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