Technical outlook and chart setups:
1. The EUR/JPY pair is turning back just ahead of major support at the 136.50 levels as seen here. The pair could rally through the 138.20 region before resuming the downward trend. Recommendations are to remain flat and look to sell higher up or initiate long positions, risk at 136.50.
2. Support is seen at 136.50, followed by 134.00 and lower while resistance is seen at 139.20 levels, followed by 140.00, 141.00 and higher up respectively.
3. The structure indicates that EUR/JPY could produce a short-term rally, before moving lower.
Trading recommendations:
Remain flat and look to sell higher.
Good luck!
