Technical outlook and chart setups:
The EUR/JPY pair has broken the intermediary support trendline as depicted here, and is seen trading around 144.70/80 levels. The pair can still drift sideways for a while before rallying further up through the 148.00 levels. On the flip side, a further push lower from current levels could drift prices towards 142.00 levels before reversing. It is safe to remain flat for now, look for reaction around 146.00 levels, and to initiate short positions. Immediate resistance is seen at 146.00 levels (support turned resistance line), followed by 147.00, 148.00 and higher, while support is seen at 142.00, followed by 140.00 and lower respectively.
Trading recommendations:
Remain flat for now.
Good luck!
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