Technical outlook and chart setups:
1. The EUR/JPY pair seems to be pulling back from the 143.50 level on the 8H chart view here. A bearish engulfing candlestick signal is appearing at the moment, indicating a possible reversal or pullback on cards. It is recommended to remain short for now, risk remains at 144.00.
2. Intermediary resistance is at 143.80/144.00 levels, followed by 145.50 while supports begin through 140.00 (intermediary) levels, followed by 138.50/136.00 (intermediary), 134.00 and lower respectively.
3. The entire setup indicates that a reversal here, ahead of 144.00 levels, would bring the bears back into action and the EUR/JPY pair should resume its down trend towards a possible 130.00 region.
Trading recommendations:
Remain short, 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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