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Technical outlook and chart setups:
1. The EUR/JPY pair remains locked within cone consolidation as seen here. The pair is seen to produce a bullish bounce at the support trend line, around 140.00 levels for now. This could again drag prices higher up to 143.00/50 and higher. It is recommended to exit short positions for now and remain flat. Aggressive trade setup would be to go long, risk remains at 140.00.
2. Support is at 140.00 (intermediary), followed by 138.50/60 and 136.00, while resistance is at 143.50 (intermediary), followed by 144.00 and 145.50 respectively.
3. The structure indicates that EUR/JPY needs to break out of the cone consolidation for further directions. A break below 140.00 could be sold while above 144.00 should be bullish.
Trading recommendations:
1. Exit short positions and remain flat.
2. Aggressive trade setup is to go long, stop is just below 140.00, target is open.
Good luck!
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