Technical outlook and chart setups:
The EUR/JPY pair is trading at 139.80 now after having hit a higher low at 139.00 last week. The pair could call for a push above 141.00 and bulls should remain in control until prices stay above 138.00. Please note that 138.00 is also the fibonacci 0.382 support of the rally between 133.00 and 141.00. It is therefore recommended to remain long for now, with risk below 138.00. Immediate support is seen at the level of 139.00 (interim) followed by 138.00, 135.00, and lower while resistance is seen at the level of 141.00 followed by 142.00 and higher respectively.
Remain long for now, stop is at 137.80, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com