Technical outlook and chart setups:
The EUR/JPY pair is retracing lower around to the territory around 135.45/50 now after hitting 135.75 earlier. The pair is expected to form a base around 135.00/134.80, before resuming its rally. Please note that the short-term support trendline is also passing through the same levels. It is recommended to hold long positions for now with risk at 133.00. Immediate support is seen at 134.00/20 levels (interim) followed by 133.00/25, 131.50, and lower respectively, while resistance is seen at 136.30 levels followed by 137.75, 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