Technical outlook and chart setups:
The EUR/JPY pair is trading at 134.20/30 for now after it has formed an intermediary base around the level of 133.00. The pair could rally further up to 135.50/136.00 before retracing lower towards 130.00 and subsequently towards 129.00. It is still possible that the pair prints another high above 137.00 before reversing sharply. Hence recommendations are to hold long positions for now. Immediate support is seen at 133.00 followed by 131.50, 128.00, and lower. Resistance is seen at 135.40 (interim) followed by 136.50, 137.00, and higher respectively.
Remain long move stop to break even levels, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com