Technical outlook and chart setups:
1. The EUR/JPY pair produces a morning star bullish reversal candlestick signal right at the cone support line seen here around 140.00 levels yesterday. This indicates that next leg is possibly higher from here on. If this count is true, the pair should rally towards at least 143.00 levels, which is convergence of cone resistance line as well. Recommendations are to remain long (aggressive setups), risk remains at 140.00.
2. Intermediary support is at 140.00, followed by 138.50, 136.00 and lower, while resistance is at 143.00/50, followed by 144.00 and higher up at 1.5120.
3. The structure indicates that EUR/JPY might rally towards 143.00/50 levels again towards the cone resistance line. Bears would regain control if 140.00 breaks down.
Trading recommendations:
1. Aggressive setup is to remain long from yesterday, set stop at 140.00 target is open.
2. Conservative approach is to remain flat and wait for further confirmation.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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