Technical outlook and chart setups:
1. The EUR/JPY pair is seen to be bouncing off the support trend line as seen here around 139.00 levels. Furthermore please note that the fibonacci 0.618 support of the rally between 136.00 and 143.50 is passing through the same region. Recommendation is to initiate long positions now, with risk being below 138.00 levels.
2. Support is at 138.40, followed by 136.00, 134.00 and lower while resistance is at 141.00, followed by 142.50, 143.50/144.00 and 145.50 respectively.
3. The structure indicates that EUR/JPY should stage a bullish reversal from current levels of 139.00.
Trading recommendations:
Remain long, stop below 138.00, target is open.
Good luck!
