Technical outlook and chart setups:
The EUR/JPY pair broke its channel line support yesterday and dropped to 147.00 levels before pulling back. The pair is trading at 147.60 levels for the moment but is facing resistance at the back side of the channel line. A drop below 147.00 now would accelerate downfall towards 142.00 levels at least. Please note that the outer line support is around 142.50 for now. It is recommended to remain short for now, risk remains at 149.00. Immediate support is 146.50, followed by 145.50, 145.00 and lower while resistance is seen at 148.25, followed by 149.00 respectively.
Trading recommendations:
Remain short for now, stop at 149.00, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
