Technical outlook and chart setups:
The EUR/JPY pair is trading around the level of 136.50 now and is likely to face resistance here. The pair is expected to form a lower top below 137.00 and reverse towards the level of 130.00. Only a push above 137.00 would indicate that the pair could test 138.00/50 before reversing. It is hence recommended to remain short with risk at the level of 137.30 now. Immediate support is seen at 135.10 followed by 134.00, 133.00, 131.50, and lower while resistance is seen at 137.00 and higher respectively.
Remain short, stop at 137.30, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com