Technical outlook and chart setups:
The EUR/JPY pair is trading around the levels of 145.90-146.00 for now, and looks like it could continue drifting lower towards the outer trend line at 144.00 levels at least. Please note that Fibonacci 0.382 support of the rally between sub 134.00 and 149.80 is also around 144.00 levels. A bullish bounce there should be awaited before initiating long positions again. Immediate support is seen at 144.00 levels (trend line and Fibonacci 0.382), followed by 143.50, 142.00 and lower while resistance is seen at 148.00 levels, followed by 149.80 respectively. Only a break below the trend line support should delay matters.
Trading Recommendations:
Remain flat. Look to buy lower.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
