Technical outlook and chart setups:
The EUR/JPY pair has tested 148.00/20, also the back side of the support turned resistance trend line and dropped back lower into 147.40 levels. A break below 146.40 from here, could confirm further lows towards 144.00 levels at least. Immediate resistance is at 148.20/30, followed by 149.80 while immediate support is seen at 146.30/40, followed by 145.50 and lower respectively. If the pair continues to drift sideways between 147.00 and 148.00 broadly, the bulls are favored to print fresh highs above 150.00. On the other side, a break below 146.30/40 could bring back bears into control for a while before the rally resumes.
Trading recommendations:
Remain flat for now.
