Technical outlook and chart setups:
1. The EUR/JPY pair has finally bounced off as expected, producing a morning star candlestick trade signal as seen here. Currently, it is trading at 138.00 levels, it is recommended to hold long positions for now. Risk remains at 136.00.
2. Immediate intermediary support is at 136.00, followed by 134.00, 131.00 and 128.00, while resistance is at 143.00, followed by 145.50 respectively.
3. The structure indicates that the pair should pullback at least towards 140.00 from here. A break of the down trend line would challenge 143.00 and 145.50 as well.
Trading recommendations:
Hold long positions, stop at 136.00, target 140.00 at least.
Good luck!
