Technical outlook and chart setups:
1. The EUR/JPY has responded well at the 0.786 fibonacci resistance level, just shy of 144.00 price. The pair is trading lower at the moment, but a push through 139.00 levels is still required to accelerate downside. It is recommended to remain short with risk above 144.00 for now.
2. Immediate resistance is the sub 144.00 level (intermediary), followed by 145.50, while supports are spread through 139.00/136.00 (intermediary), followed by 134.00,131.00 and lower respectively.
3. The structure reveal that bears are in control a the moment and a push further below 139.00 would accelerate downside further. However, a bullish reversal around 141.00 should be watched well.
Trading recommendations:
Remain short for now, stop is at 144.50, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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