Technical outlook and chart setups:
1. The ERU/JPY pair has now retraced towards 138.30 levels from 140.00 levels, as expected and discussed earlier. The pair looks to be turning bullish again from 130.30/40 levels on the shorter time frames (1 h). Recommendations are to initiate long positions now (138.40/43), risk remains at 138.00 levels for now.
2. Support is seen at 138.00 (interim), followed by 136.50, 134.00 and lower, while resistance is seen at 140.00 (interim), followed by 141.00, 142.50/143.00 and higher up respectively.
3. The structure indicates that EUR/JPY bulls could regain control from current levels, if prices stay above 138.00 levels.
Trading recommendations:
Initiate long positions now (138.40/43), stop below 138.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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