Technical outlook and chart setups:
The EUR/JPY pair has remained unchanged from yesterday and is seen to be trading around 135.20/30 levels for now. The pair could break lower towards 134.00 levels before a counter trend rally resumed towards potentially 143.00/144.00 levels in the sessions to come. Immediate support is seen at 134.00 levels while resistance is not before 140.40 levels (Fibonacci 0.382 of the recent drop). It is recommended to remain flat for now and look for bullish opportunities at lower levels around 134.00 levels. Please note that the bigger picture might be indicating a deeper correction towards 115.00/116.00 levels, which could complete in 3 waves.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
