Technical outlook and chart setups:
The EUR/JPY pair is trading around the levels of 136.78/80 at the moment, forming a pin bar candlestick pattern on the H4 chart view. It might be indicating a pullback lower towards at least 136.20/30. It is recommended to exit long positions for now and remain flat looking to re-enter buying at a lower level. Immediate support is seen at 135.50 followed by 135.00, 134, 133.00, and lower while resistance is seen at 137.50 (interim) followed by 139.00, 140.00, and higher respectively. Bulls are expected to remain in control, until prices remain above the level of 135.50.
Book profits on long positions, remain flat for now.
The material has been provided by InstaForex Company – www.instaforex.com