Technical outlook and chart setups:
1. The EUR/JPY is bouncing off the new channel created just below the consolidation (Cone). The pair has again bounced off the support, just ahead of 141.00. Expectations from here is a re-test of 142.50 levels. A break higher, would want to again test 143.50/144.00 levels. Recommendations are to remain flat for now. Aggressive setup is to remain long, risk is at 141.00
2. Support is at 141.00, followed by 140.00, 138.00, 136.00 and lower while resistance is at 143.50/144.00 levels, followed by 145.50 respectively.
3. The structure indicates that EUR/JPY needs to break out of the channel on either side to confirm the next larger move. Support comes in at 141.00 while resistance is at 142.50 within the range.
Trading recommendations:
Conservative setup is to remain flat, while aggressive setup is to remain long with stop at 141.00, target is open.
Good luck!
