Technical outlook and chart setups:
The EUR/JPY pair is trading around 133.50/60 now after hitting a low at 133.28 earlier. The pair has dropped close to the levevl of 133.00 as expected and could possibly retrace higher before continuing to drop lower again. It is hence recommended to take profits on the short positions taken earlier. Aggressive trade setups could be to initiate long positions now with risk below 133.00. Immediate support is seen at the levels of 133.00/20, followed by 131.50, 129.00, 128.00, and lower. Resistance is seen at 135.50 (interim), followed by 137.00 and higher respectively.
Book profits on short positions now. Initiate 50% long positions stop at 132.80, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com