Technical outlook and chart setups:
The EUR/JPY pair is seen to be consolidating just below the 140.00 now after having bounced off the level at 138.00 (fibonacci 0.382 support) earlier. It is therefore recommended to remain long for now with risk below the level of 138.00. Immediate support is seen at 139.00 (interim) followed by 138.00, 135.00, 133.00, and lower. Resistance is seen at 141.00 followed by 142.00 and higher respectively. Bulls are expected to remain in control until prices stay above 138.00.
Remain long, stop is at 137.80, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com