Technical outlook and chart setups:
The EUR/JPY is trading between the levels of 132.00 and 134.00 for now. A break below 131.00 from here would be extremely bearish for the pair and it could test 130.00 again. On the flip side, a break above the line of resistance (134.00) could push the prices towards 137.50/138.00, respectively. It is recommended to remain long for now with risk at 130.00. Immediate support is seen at the levels of 131.50 followed by 130.00 while resistance is seen at 137.50/138.00 followed by 142.30 and higher, respectively. Probabilities remain higher for a rally towards the levels of 138.00 for now.
Remain long for now; stop is at 130.00, target is 137.50.
The material has been provided by InstaForex Company – www.instaforex.com