Technical outlook and chart setups:
1. The EUR/JPY pair is still testing the trendline support at 140.50/141.00 levels. A break lower from here, would bring control back with the bears and fresh lows below 136.00 would be seen. Conservative approach is to remain flat for now.
2. The immediate support is at 138.50/136.50 (interim), followed by 134.00, 131.00 and lower while resistance is at 144.00 (interim), followed by 145.50 respectively.
3. The structure reveals that EUR/JPY needs to break above 141.60/70 or below 140.50 to decide further direction. More probability is inclined towards the lower side though.
Trading recommendations:
Aggressive setup is to remain short, stop is at 144.00, target is open.
Good luck!
