Technical outlook and chart setups:
The EUR/JPY pair is trading at 133.60/70 levels for now, the lower boundary of its 200 pip trading range. Near-term upside potential remains till 137.50/138.00 levels from here. It is therefore recommended to remain long with risk below 132.50 levels. Bulls seem to be poised to rally and push the pair through 137.50 levels at least. Immediate support is seen at 133.50 (interim), followed by 132.50, 130.00 and lower while resistance is seen at 137.50/60 levels, 130.00, 142.30 and higher respectively. A meaningful correction could be expected once the pair reached 137.50/138.00 levels, which is the 0.382 fibonacci resistance of the drop from 149.50 to 130.50 levels respectively.
Remain long, stop at 132.50, a target 137.50.
The material has been provided by InstaForex Company – www.instaforex.com