Technical outlook and chart setups:
The EUR/JPY bullish took off stops placed at the 144.50 level yesterday. The pair is trading around the 144.00 mark at the moment and recommendations are to remain flat for a while and watch for a reaction towards the 143.00 levels. A break below the immediate trend line support and subsequently the 142.00 level would confirm that a meaningful retracement is due. On the flip side, if the pair bounces off the trend line support around 143.00, it would be safe to enter long positions, with risk at 142.00. Interim resistance is at 144.50 while support is seen at 143.00, followed by 142.00, 140.50 and lower respectively. Bulls should remain in control till prices stay above 142.00.
Trading recommendations:
Remain flat for now.
Good luck!
