1. The EUR/JPY is trading sideways (in smaller time frames) between 142.90 and 143.50. The pairs seems to have hit major resistance at sub 144.00 levels and is about to resume lower. It is therefore recommended to remain short/initiate fresh short positions around current price (143.00/10), risk remains at 145.50.
2. Immediate resistance is at 144.00 (fibonacci 0.786 resistance), while supports are spread through 138.00 (intermediary), followed by 136.50 (intermediary), 132.00, 130.00 and lower respectively.
3. The structure reveals that EUR/JPY is stalling ahead of 144.00 levels and that bears might regain control from here on. A break below 138.00 is required though, to confirm the same.
Trading recommendations:
Remain short, stop is at 145.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. The EUR/JPY is trading sideways (in smaller time frames) between 142.90 and 143.50. The pairs seems to have hit major resistance at sub 144.00 levels and is about to resume lower. It is therefore recommended to remain short/initiate fresh short positions around current price (143.00/10), risk remains at 145.50.
2. Immediate resistance is at 144.00 (fibonacci 0.786 resistance), while supports are spread through 138.00 (intermediary), followed by 136.50 (intermediary), 132.00, 130.00 and lower respectively.
3. The structure reveals that EUR/JPY is stalling ahead of 144.00 levels and that bears might regain control from here on. A break below 138.00 is required though, to confirm the same.
Trading recommendations:
Remain short, stop is at 145.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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