Technical outlook and chart setups:
The EUR/JPY prints another high at 144.83 levels for now. The pair fails to break lower for now and 143.50 is interim support for bulls to remain in control. The pair looks to be stretched out and a correction should be due any time. Resistance is seen at 145.00/50 levels, while support is at 143.50, followed by 142.00 and lower respectively. Please note that both the support trend lines remain intact for now. A break below the recent trend line and subsequently 143.50 could indicate that a potential intermediary top is in place at 144.80 levels and that the pair could drift lower towards the larger trend line support into the 139.00/140.00 region.
Trading recommendations:
Remain short for now, stop at 145.10 target is 139.00/140.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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