Technical outlook and chart setups:
The EUR/JPY pair has dropped to its previous support area around thte 133.00 levels as seen here. The pair is most likely to be expected to stay at least a counter-trend rally, extending through the 135.00 levels. It is hence recommended to initiate 50% long positions with risk just below the 133.00 levels. Immediate support is seen through the 133.00 levels, followed by 132.25 and lower, while resistance is seen through the 134.00/25 levels, followed by 136.00, 137.00 and higher. The pair might continue consolidating between its defined resistance and support levels for a while, before breaking out.
Initiate 50% long positions, stop is below 133.00, target is open.
The material has been provided by InstaForex Company – www.instaforex.com