Technical outlook and chart setups:
1. The EUR/JPY has been in uptrend and hit the 145.00/50 levels as discussed last week. As depicted here in the 4H chart view, the pair remains in the buy zone of both short and long-term support trendlines. It is recommended to remain flat for now and await a line break before going short.
2. Resistance is fixed at 145.00/50, while support begins from sub 143.00, followed by 142.50, 142.00 and lower respectively. A break of at least 143.00 level would be required to confirm a top is in place.
3. The entire structure is constructive on higher timeframes, but a meaningful pullback should take place, before thee rally continues.
Trading recommendations:
Remain flat for now. Preparing to initiate short positions.
Good luck!
