Technical outlook and chart setups:
The EUR/JPY pair is seen to be trading around 135.30 at the moment, after pulling back from 137.00 earlier. The pair is trading at the fibonacci support of 0.382 now, but the best level to enter long positions is seen between 134.00 and 134.50. It is recommended to remain flat for now and look for an opportunity to initiate long positions around the fibonacci support of 0.618 around 134.00 with risk at 132.00. Immediate support is seen at 134.50 followed by 134.00, 132.00, and lower, while resistance is seen at 137.00 followed by 139.00, 140.00/141.00, and higher.
Remain flat and look for an opporyunity to move around 134.00/50 with stop at 132.00, a target is 139.00.
The material has been provided by InstaForex Company – www.instaforex.com