Technical outlook and chart setups:
The EUR/JPY pair is trading at 146.50/60 levels for now, after breaking below the immediate trend line support and having met with resistance at 147.40 levels yesterday. Please note that 145.50 level remains critical to determine short-term direction for the pair. It is expected to print higher highs towards 151.00 and 154.00 till 145.50 remains intact, while a break there could confirm a deeper correction towards 141.00/142.00 levels (outer trend line support) before the rally resumes. It is recommended to hold long positions for now, risk at 145.50 levels.
Trading recommendations:
Remain long, stop at 145.50, the targets are at 151.00 and 154.00 respectively.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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