Technical outlook and chart setups:
The EUR/JPY pair has again stalled around the 138.80/85 levels and it might be looking to drop to 137.50 before pushing higher. Please also note that the pair might have made an intermediary top at the 1.3885 levels and could produce a meaningful pullback, before reversing. It is hence recommended to exit long positions for now and remain flat. Immediate support is seen at the 137.00 levels (interim) followed by 135.00/50, 134.00, and lower, while resistance is seen at the 139.00 levels followed by 140.50 and higher.
Fix profits on long positions and remain flat.
The material has been provided by InstaForex Company – www.instaforex.com