Technical outlook and chart setups:
The EUR/JPY pair is trading around the levels of 134.25/30 now bouncing off from 133.50 yesterday. Please note that the pair has produced a bullish morning star candlestick pattern on the H4 chart indicating a potential reversal on the higher side. It is hence recommended to hold long positions with risk at 133.00 now. Immediate support is seen at 133.00 followed by 131.50 and lower while resistance is seen at 139.00 followed by 140.00, 141.00, and higher respectively.
Remain long for now, stop is at 133.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com