Technical outlook and chart setups:
The EUR/JPY pair has risne through the level of 137.00 as seen here on the H4 chart as expected. The pair has retraced lower for now towards 136.20/30, ready to resume its rally towards fresh swing highs in the weeks to come. Bulls should be poised to push prices higher through the levels of 139.00/140.00 until 133.30/50 remain intact. It is hence recommended to remain long now with risk at 133.00. Immediate support is seen at the level of 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 at 133.00 a target is open.
The material has been provided by InstaForex Company – www.instaforex.com