Technical outlook and chart setups:
The EUR/JPY pair is trading around 133.50/60 after printing lows at 133.10 during the day. The pair seems to be ready to get higher from the current levels and is producing an engulfing bullish candlestick signal on the H4 chart view. It is hence recommended to remain long from yesterday with risk below 133.00. Bulls seem to be poised to stage a rally until prices stay above 132.80/133.00. Immediate support is seen at 133.00 (interim), followed by 131.50, 129.00, 128.00, and lower while resistance is seen at 135.50 followed by 136.50, 137.00 and higher respectively.
Remain long, stop at 132.80, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com