Technical outlook and chart setups:
The EUR/JPY pair dropped to previous support around the levels of 133.50 again. Please note that the pair dropped slightly below the consolidation support line, but a pullback towards 134.75/135.00 is expected. It is hence recommended to initiate 50% long positions with risk at 133.00. Immediate support is seen at 133.00, followed by 132.00/25 and lower while resistance is seen at 135.50 followed by 136.20, 137.00, and higher respectively. If the pair wants to remain in the consolidation zone, it should rally through 137.00 at least.
Initiate 50% long positions now, stop at 133.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com