Technical outlook and chart setups:
The EUR/JPY pair met the trend line resistance at the level of 131.70 last week before pulling back lower again. The pair is currently trading at 129.70 and is likely to be pushed higher. A push above 132.00 is going to be be encouraging for bulls as trend line resistance will be broken and the pair will target towards the level of 136.50 at least. Immediate support is seen at the level 128.00 followed by 127.00, while resistance is seen at 136.50/137.00 and higher respectively on the daily chart view here.
Remain long, stop at 127.00, target is open for now.
The material has been provided by InstaForex Company – www.instaforex.com