Technical outlook and chart setups:
The EUR/JPY pair is seen to be in a broad consolidation (cone type) range at the moment as depicted here. Furthermore, the pair has tested support at 135.00 and bounced off last week, indicating a push towards at least 137.00. Bulls are expected to remain in control until prices stay above 135.00. It is hence recommended to remain long with risk at 134.00 at the moment. Immediate support is seen at 134.00, followed by 133.00 and lower, while resistance is seen at the levels of 138.00/139.00 followed by 140.00, 141.00, and higher respectively.
Remain long for now, stop is at 134.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com