Technical outlook and chart setups:
1. The EUR/JPY pair prints yet another low just below the 138.00 levels yesterday before pulling back to 138.50 levels. At the moment, the pair seems to be preparing to rally towards 139.10/30 levels as immediate short term target. It is recommended to remain long for now, risk remains at 137.75.
2. Support is seen at 138.00 (interim), followed by 136.50, 134.00 and lower, while resistance is seen at 139.30, followed by 141.00, 142.50/143.50 and higher up respectively.
3. The structure indicates that EUR/JPY could potentially rally from current levels; yesterdays' lows should hold at 137.96/97.
Trading recommendations:
Remain long, stop at 137.75, target is open.
Good luck!
