Technical outlook and chart setups:
1. The EUR/JPY pair seems to have bounced off the trend line support as expected around 138.00 levels, as seen here. The pair has produced a morning star candlestick pattern indicating that bulls might just be back in control. Recommendations are still to remain long, risk remains below 137.90.
2. Support is seen at 138.00/137.90 levels, followed by 136.50, 134.00 and lower, while resistance is at 139.50, followed by 141.00, 142.50/143.50, 144.00 and 145.50 respectively.
3. The structure indicates that EUR/JPY could be reading to rally at least towards 140.00/141.00 levels if not higher up. Bulls have just gained control.
Trading recommendations: Remain long, stop below 137.80, target is open.
Good luck!
Read more: https://www.instaforex.com/forex_analysis/46224/
Technical outlook and chart setups:
1. The EUR/JPY pair seems to have bounced off the trend line support as expected around 138.00 levels, as seen here. The pair has produced a morning star candlestick pattern indicating that bulls might just be back in control. Recommendations are still to remain long, risk remains below 137.90.
2. Support is seen at 138.00/137.90 levels, followed by 136.50, 134.00 and lower, while resistance is at 139.50, followed by 141.00, 142.50/143.50, 144.00 and 145.50 respectively.
3. The structure indicates that EUR/JPY could be reading to rally at least towards 140.00/141.00 levels if not higher up. Bulls have just gained control.
Trading recommendations: Remain long, stop below 137.80, target is open.
Good luck!
Read more: https://www.instaforex.com/forex_analysis/46224/
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