EUR/JPY is testing support at 135.49 again. This support should be held for a new rally above minor resistance at 136.45, which will call for a new test of 137.35 and even 137.80. Only above the later, it will open up the upside for a continuation towards 141.06 and 144.03. There is still an opportunity of a break below 135.49 that would add downside pressure for a test of support at 134.28 and more importantly at 133.27. Below there, it will call for 130.00.
We are still long EUR from 134.07 and stop placed at 135.40. If you are not long EUR yet, then only buy upon a break above 137.80.
The material has been provided by InstaForex Company – www.instaforex.com