Technical outlook and chart setups:
The EUR/JPY has been clearly trading sideways between 146.30 and 147.30 since it broke below the immediate trend line support. Please note that the back side of the trend line support is now providing enough room to rally past the 149.00 levels. A more likely probability from here is to break higher towards 151.00 and 154.00 respectively. On the flip side, a break below 145.50 could see the pair further correcting towards 142.00 levels, towards the outer trend line support as seen here. Immediate resistance is seen at 149.00 levels, while support is seen at 145.50 respectively.
It is recommended to remain long now, stop is at 145.50, the target is open.
The material has been provided by InstaForex Company – www.instaforex.com