Technical outlook and chart setups:
1. The EUR/JPY is drifting lower for now. Trading below 140.00 levels at the moment, it is recommended to remain flat and initiate short positions on a counter rally towards 143.00/50. The structure remains unchanged for now.
2. Immediate resistance is at 143.00/50, followed by 145.50, while supports are spread through 138.50, followed by 134.00, 131.00 and lower respectively.
3. The entire structure reveals that rallies towards 143.00 levels could be sold. The EUR/JPY pair is poised to drift lower towards passing support trend line as seen here.
Trading recommendations:
Remain flat for now. Looking to sell around 143.00/50.
Good luck!
