Technical outlook and chart setups:
The EUR/JPY pair is trading around 135.30/40 now preparing to drop lower in the sessions to come. The pair is expected to remain in control of bears until prices stay below the level of 136.00 from here on. It is hence recommended to remain short and look to add further positions with risk around 136.30/40. Immediate support is seen at 133.00 levels followed by 131.50, 129.00, and lower, while resistance is seen at 136.00/50 followed by 137.00 and higher respectively.The pair might be setting up for a deeper correction before resuming its rally.
Remain short for now, stop at 136.40, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com