Technical outlook and chart setups:
1. The EUR/JPY pair is seen to be still testing back side of the resistance line which has turned into support now, around the 137.00 region. The 136.60 levels is the fibonacci 0.618 support and it is expected to provide strong bullish reversal if prices manage to reach there. It is recommended to remain long, risk remains below 136.00.
2. Support is seen at 136.00/135.80, followed by 134.00 and lower, while resistance is seen at 138.00 (interim), followed by 138.50, 139.20/30 and higher respectively.
3. The structure indicates that EUR/JPY should be extending its rally towards the 139.40 levels.
Trading recommendations:
Remain long, stop below 136.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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