Technical outlook and chart setups:
The EUR/JPY pair is moving higher as expected towards the 130.00/40 region. It is still possible that the pair extends rally into the 141.50 level as well, as seen here. Immediate support on the daily chart view is at 136.00/135.80 while resistance is seen at the 139.30/140.00 levels. Please, note that intraday dips from here should be considered as opportunities to go long. The pair is expected to reach 139.50 and then correct(retrace) lower, before rallying further towards 141.50. It is recommended to remain long and book some profits at the 139.50 levels. Risk could be brought at break even levels.
Trading recommendations:
Remain long, move risk to break even levels, target 139.50 and 141.50.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
