Technical outlook and chart setups:
The EUR/JPY pair has dropped more than what was expected and is retesting the levels of 134.00 at the moment. The pair is expected to produce a bullish bounce here and push higher towards 137.50 and 138.50, respectively. Therefore, it is recommended to remain long for now, risk remains below 133.00. Immediate support is at 134.00 (interim) followed by 133.50, 132.50, 130.00 and lower, while resistance is seen at 137.50 followed by 138.50, 142.30 and higher, respectively. Bulls are expected to remain in control until 137.50 and 138.50.
Remain long, stop at 132.50, target is open.
The material has been provided by InstaForex Company – www.instaforex.com