Technical outlook and chart setups:
The EUR/JPY pair is trading around 139.70 at the moment after yesterday's pullback lower from 140.70. There is a possibility that the pair will drop lower in a corrective manner before rallying higher again. Bulls are poised to remain in control until prices stay above 138.00. It is hence recommended to book profits on long positions taken earlier and look to enter buying again ahead of 138.00. Immediate support is seen at 138.00 followed by 135.00, 133.00, and lower. Resistance is seen at 141.00 followed by 142.00 and higher respectively.
Book profits on long positions and look to enter long again at lower levels.
The material has been provided by InstaForex Company – www.instaforex.com