Technical outlook and chart setups:
1. The EUR/JPY remains subdued around 140.00 levels after breaking down the trend line support. As seen here, the trend line resistance is around 142.00 for now and any intraday rallies should remain well capped below that. It is recommended to hold short positions for now, risk remains at 144.00.
2. Immediate intermediary resistance is at 144.00, followed by 145.50, while supports are spread through 138.50/136.00 (intermediary), followed by 134.00, 131.00 and lower respectively.
3. The structure reveals that a break below 138.50 levels would be required to confirm further downside and also acceleration.
Trading recommendations:
Remain short for now, stop is at 144.00, target is open.
Good luck!
