Technical outlook and chart setups:
The EUR/JPY rallies through 146.50 levels, taking out stops at 145.00/50. The pair is pulling back for now, and trading at 145.22 levels. Immediate support is seen at 144.50 (fibonacci 0.681), followed by 143.50, 142.00 and lower while resistance is seen at 146.50 (interim) respectively. It is recommended to remain flat for now and consider going long on a bullish bounce around 144.50 levels for now. Bulls are set to remain in control, till prices stay above 143.50 levels at least. Please also note that both support trend lines remain intact for now, and a bullish turn around at 144.50 could be a potential long entry.
Remain flat for now. Watch for a reaction at 144.50.
The material has been provided by InstaForex Company – www.instaforex.com