Technical outlook and chart setups:
The EUR/JPY pair is seen to have pulled back from the 137.00 levels today and is trading at the 136.12/14 levels for now. Please also note that the pair has push higher through its 50-day moving average line as well. It is recommended to hold short positions for now with risk at the 139.00 levels. Immediate support is seen at the 134.00/50 levels followed by 132.00 and lower, while resistance is seen at the 139.00 levels followed by 140.00/141.00 and higher respectively. A drop below the 132.00 levels would be required to accelerate further downside though.
Trading recommendations:
Remain short for now, stop is at 139.00, target is open.
Good luck!
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