Technical outlook and chart setups:
The EUR/JPY pair has broken below the trend line support for now as seen here. The pair is trading around 147.20/25 levels for now and could face resistance around 148.00/20 levels. It is recommended to remain flat for now and wait for further reaction at the 148.00/30 levels before initiating positions. The pair could be preparing for a deeper correction into 144.00 and lower levels. Please note that the outer trend line support is also around the 144.00 mark for now. Immediate support is seen at 145.00 levels while resistance is seen at 148.00/30, followed by 149.80 levels respectively.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
