Technical Outlook and Chart Setups:
1. The single currency pair is trading sideways as seen on shorter timeframes, (4H specifically). As seen on the daily chart depicted here, a push above the 145.00/50 level will still open doors for 147.00 on the higher side. Recommendations are to remain flat for now and await for a clear signal to initiate short positions.
2. Resistance is fixed at the 145.50 level, while supports are spread through 142.00, 141.00, 138.50, and lower. Also the support trend lines still remain intact as seen here. We need a break of trend line and at least 142.00 to confirm that a meaningful top is in place.
3. Entire structure reveals that EUR/JPY is in a bull run, which should continue after a meaningful pullback though.
Trade recommendations:
Flat for now.
Good luck!
