Technical outlook and chart setups:
The EUR/JPY pair has been holding at the levels of 135.00 until now, and a break higher is expected soon. It is recommended to remain long with risk at the levels of 132.50. Immediate support is seen around the levels of 133.54 followed by 132.50, 130.00 and lower, while resistance is seen at the levels of 137.50-138.00 followed by 142.50 and higher, respectively. Looking into the larger wave structure, the current rally is expected to reach at least 137.50-138.00, and bulls are expected to remain in control until prices stay above the levels of 132.50.
Remain long for now. Stop is 132.50, target is at 137.50/138.00.
The material has been provided by InstaForex Company – www.instaforex.com