Technical outlook and chart setups:
1. The EUR/JPY pair is seen to be moving sideways for now. It is expected to print at least one low below 137.50 levels, before a meaningful retracement could occur. Recommendations are to remain short for now and take some profits.
2. Support is seen at 137.50 (interim), followed by 136.00 and lower while resistance is seen at 140.00, followed by 141.00, 142.50/143.50 and higher respectively.
3. The structure indicates that EUR/JPY could still drift lower at least for now; before a meaningful pull back occurs.
Trading recommendations:
Remain short, move risk to break even, exit below 137.50.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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