Technical outlook and chart setups:
The EUR/JPY pair dropped to 145.00 levels before pulling back towards 147.00. Please note that the outer trend line support is approaching around 144.00 levels and the pair could remain supported there. Also the fibonacci 0.382 support is around 143.80 levels, hence high probability remains for a bullish bounce there. In case the line breaks, the pair could correct even deeper into 140.10 levels, which is fibonacci 0.618 support. Immediate support is seen at 144.00 levels (trend line and fibonacci 0.382), followed by 142.00 and lower while resistance remains at 148.20 (interim), followed by 149.80.
Trading recommendations:
Remain flat for now, look to buy a bullish bounce at trend line support.
Good luck!
