Technical outlook and chart setups:
The EUR/JPY pair continues drifting lower as expected and discussed earlier and is probably targeting the 132.00/131.00 levels from here on. Please note that it is still possible that the pair is correcting its earlier rally between 126.00 and 140.00 for now and may not drop below the 126.00 levels. It is hence recommended to fix partial profits on short positions taken earlier and move risk to break-even levels. Immediate support is seen at the 131.00 levels followed by 129.00, 126.00 and lower, while resistance is seen at 139.00 levels followed by 140.00/141.00 and higher.
Fix partial profits now, move stop to break even, target 131.00.
The material has been provided by InstaForex Company – www.instaforex.com