Technical outlook and chart setups:
1. The EUR/JPY pair tested the consolidation range bottom around 140.50 levels yesterday. The pair is trading around 140.65 at the moment; meanwhile, a break below 140.00 confirms that bears are back in control. Furthermore, a bullish bounce (please, refer to the channel support in the chart) here could again rally towards 142.450/ 143.00 levels again. Recommendations are to remain flat for now and look to enter short positions on a confirmed break below 140.00 levels.
2. Support is at 140.00, followed by 138.50, 136.00, 134.00 and lower while resistance is seen at 142.50, followed by 143.00, 143.50/144.00, and 145.50 respectively.
3. The structure indicates that EUR/JPY would resume bearish swing below 140.00 levels. Only if a bullish reversal appears at the current price, bulls would be back.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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