Technical outlook and chart setups:
The EUR/JPY pair seems to be preparing for a pullback after printing highs at 139.20 levels, almost shy of 4 pips from the expected target at 139.25/25 levels. Please note that any intraday or interday pullback/retracement should be taken as an opportunity to enter long positions again. Minimum expectations for a pullback is towards 138.00 levels which is also past resistance turned support level now. Support on the daily chart view is at 135.80/136.00 while resistance is placed at 139.30/40, followed by 140.00 and higher respectively.
Trading recommendations:
Remain long, add further on dips, move stop to break even levels, target is 139.80.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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