Technical outlook and chart setups:
1. The EUR/JPY produces a bullish bounce right at the cone support around 140.50 levels. The pair is trading at 141.40/50 levels at the moment and resistance is now seen at 142.60/143.00 levels. Please note that cone consolidation resistance line remains key for the next big move.
2. Support is seen at 140.00 levels, followed by 138.50, 136.00 and lower, while resistance is seen at 143.00/50, 144.00 and 145.50 respectively.
3. The structure indicates that EUR/JPY is poised to test resistance line at 143.00 levels for now. A break higher, would test 145.50. 140.00 remains key for bulls to continue.
Trading recommendations:
Hold on to long positions taken, set stop at 140.00, target is at least at 143.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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