Technical outlook and chart setups:
The EUR/JPY pair has is ready to follow up lower after after producing a shooting star on Friday. The pair has made an interim top at the 144.21 levels and is on its way to 140.00/139.00 at least. Resistance is now seen at 145.50, while support is seen at sub 140.00, followed by 139.00, 138.00, 135.00 and lower respectively. It is recommended to remain short, with risk at 144.50 levels for now. As seen here, the trend line supports are passing through 140.50 and 138.50 respectively and bulls are expected to resume rally from any one of these. The pair seems to be on its way to print fresh highs above 145.50 after the pullback is done.
Trading recommendations:
Remain short for now, stop at 144.50, the target 140.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
