Technical outlook and chart setups:
The EUR/JPY pair has retraced a bit on the higher side around the levels of 134.30/40. The pair is expected to face resistance and turn lower again towards at least 133.00 and 132.00 as the initial downside targets. It is recommended to remain short for now with risk at 136.00. Immediate support is seen at the level of 133.00 followed by 132.00, 131.50, 129.00, and lower, while resistance is seen at 135.00 followed by 136.00 and higher respectively. The pair is likely to begin its 3 wave corrective fall, which could be completed around 129.00/130.00.
Remain short, stop at 136.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com