Technical outlook and chart setups:
The EUR/JPY pair is trading sideways in a cone format since couple of sessions. The range has been 145.00 on the lower side and 146.50/147.00 levels on the higher side. The pair could still drift lower towards the outer line, which is passing through 144.50 levels now, before turning bullish again. Also note that fibonacci 0.382 support is passing through 144.00 levels, hence higher probability remains for the pair to pick up from there. Immediate support is seen at 143.50, followed by 142.00 and lower while resistance is seen at 148.20/30, followed by 149.80 respectively.
Trading recommendations:
Remain flat for now, looking to go long at lower.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
