Technical outlook and chart setups:
The EUR/JPY pair is seen to have pulled back from the 137.00 levels today and is trading at the 136.12/14 levels for now. Please also note that the pair has push higher through its 50-day moving average line as well. It is recommended to hold short positions for now with risk at the 139.00 levels. Immediate support is seen at the 134.00/50 levels followed by 132.00 and lower, while resistance is seen at the 139.00 levels followed by 140.00/141.00 and higher respectively. A drop below the 132.00 levels would be required to accelerate further downside though.
Remain short for now, stop is at 139.00, target is open.
The material has been provided by InstaForex Company – www.instaforex.com