Technical outlook and chart setups:
1. The EUR/JPY pair has been off the recent highs (sub 144.00) for now. But the fall is expected to find intermediary support around 141.00 levels as a short term rising trend line is passing through. It is recommended to remain short for now, risk remains above 144.00.
2. Immediate resistance is the 143.80/144.00 level (intermediary), followed by 145.50, while supports are spread through 138.80/136.50 (intermediary), followed by 134.00, 131.00 and lower respectively.
3. The structure reveals that prices may find support at 141.00 region if reached. A bullish bounce there, can bring back control with the bulls. A break down of the short term support line should be productive for bears.
Trading recommendations:
Remain short for now. Set stop at 144.00, target is open. Reverse on a 141.00 bounce.
Good luck!
