Technical outlook and chart setups:
The EUR/JPY pair is comfortably trading aroubd the level of 134.80 at the moment after testing recent lows around 133.27 yesterday. The pair can break below 133.00 and bullish recovery is still possible. That could push the price higher towards 140.00 as depicted on the H4 chart. It is therefore recommended to hold long positions for now with risk around 133.00. Immediate support is seen at 133.00 followed by 132.00 and lower, while resistance is seen at 136.00 followed by 138.00, 139.00, 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