Technical outlook and chart setups:
1. The EUR/JPY pair is still testing the counter trend line as seen here around 141.00 levels. A break below, in the sell zone is required to confirm further downside towards 130.00 levels. It is recommended to remain short (aggressive trade setups), risk remains at 144.00.
2. Immediate support is seen at 138.50, followed by 136.00, 134.00, and lower, while resistance is at 144.00, followed by 145.50 respectively.
3. The structure indicates that EUR/JPY should drift lower towards 130.00 levels at least. A push above 144.00 would delay matters.
Trading recommendations:
Remain short, (aggressive trade setup), stop is at 144.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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