Technical outlook and chart setups:
1. The EUR/JPY pair seems to be preparing for a counter trend rally towards the 144.00/50 region. At the moment it is recommended to remain flat and prepare to initiate short positions at 144.00/50.
2. Resistance is at 145.00, while support is at 141.50 (intermediary) followed by 141.00 and 138.00, respectively.
3. The structure (4H), reveals that prices are in a correction mode and a counter rally should materialize towards 144.00/50 levels before falling further towards 138.00 atleast.
Trade recommendations:
Prepare to go short at 144.00/50 level.
Good luck!
