Technical outlook and chart setups:
The EUR/JPY pair is still drifting sideways, currently at lower end at 146.30/40 levels. A drop below 146.00 would confirm and accelerate further downfall towards 144.00 at least. On the flip side a bullish reversal here could again see prices testing 148.50. An aggressive trade setup would be to remain short with risk around 148.50 while a more conservative trade setup would be to remain flat for now and wait for further confirmation. Immediate support is seen at 145.50, followed by 145.00 and lower while resistance is seen at 148.20/30, followed by 149.80 respectively.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
