Technical outlook and chart setups:
1. The EUR/JPY pair is trading close to 139.00 levels as seen here. At the moment, the pair is trading in the sell zone but a bullish rally here could be possible towards the 140.00/50 levels at least. Recommendations are to remain long, with risk below 138.00 for now.
2. Support is seen at 138.00 (interim), followed by 136.50, 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 could stage a rally from here towards 140.00 and possibly 141.00 levels before a meaningful retracement could take place.
Trading recommendations:
Remain long for now, stop below 138.00, target is open.
Good luck!
