The EUR/JPY pair is trapped within a very tight range as seen on the provided four-hour chart, but it is still negatively pressured via facing the resistance line of the bearish channel while SMA 50-colored in red- is preventing it from breaching the initial resistance level of 126.50. Thereby, we keep our classical bearish outlook over intraday basis.
Trading range for today is among key support at 123.10 and key resistance now at 129.40.
The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.
Deeper analysis for the pair -click here-.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair from 126.50 targeting 124.30 and stop loss above 128.35 might be appropriate.|