Technical outlook and chart setups:
Today, the EUR/JPY pair dropped lower to the levels of 133.20/30 before reversing. Please note that the pair has bounced from the fibonacci 0.786 support around 133.20/30 resulting in a tweezer bottom candlestick pattern. It is hence recommended to remain long from yesterday, with risk at 132.00. Immediate support is seen at the levels of 133.00, followed by 132.00, and lower, while resistance is seen at 136.20, followed by 137.00, 139.00, 140.00, and higher respectively. Bulls are expected to remain in control until prices remain above 132.00.
Remain long from yesterday, stop is at 132.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com