Technical outlook and chart setups:
1. The EUR/JPY pair has printed fresh lows around 135.70/80 levels before pulling back sharply as seen on the chart view here. A hammer has been produced on the daily chart indicating that a bullish reversal/pull back may be on cards. Waiting for further confirmation to go long.
2. Support is seen at 135.70 (interim), followed by 134.00 levels and lower while resistance is seen at 138.00, followed by 139.20 and higher respectively.
3. The structure indicates that EUR/JPY could possibly begin a pull back rally from current lows.
Trading recommendations:
Remain flat for now. Look for further confirmation to go long again.
Good luck!
