Technical outlook and chart setups:
The EUR/JPY pair has retraced lower after rallying through the levels of 136.00 yesterday, and is seen trading around the levels of 135.50 for now. It is recommended to remain long and to look to add further positions at the current levels with risk at 134.00. Immediate support is seen at the levels of 134.00 followed by 133.50/60, 132.50 and lower, while resistance is seen at 137.50/138.50 followed by 142.30 levels and higher, respectively. Bulls are poised to take back control and continue rallying towards the levels of 137.50 and 138.00, subsequently.
Trading recommendations:
Remain long for now. Stop is at 133.50, target is 137.50 and 138.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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