Technical outlook and chart setups:
The EUR/JPY pair is carving a lower top ahead of 144.60 levels as seen here. It is recommended to initiate short positions now (144.06/10), risk remains at 145.00 levels. Resistance is seen at 144.60 (interim), followed by 145.50, while support is seen at 142.00, followed by 140.00 and lower respectively. Please note that the pair is in a retracement mode and it could potentially drop into 139.00/140.00 levels at least before resuming rally. Considering the entire rally from 134.00 levels, potential remains for a 3 wave correction into the 138.50 levels as well.
Trading recommendations:
Initiate short positions now (144.06/10), stop 145.00, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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