Technical outlook and chart setups:
The EUR/JPY pair has almost hit 138.00 levels yesterday before pulling back. The pair could retrace a bit before hitting the next target at the 138.80 levels. The pair is at 137.45/50 at the moment. It is recommended to book at least partial profits, the target remains for 138.80 exit. Support is seen at 136.50, followed by 135.00 and lower while resistance is seen at 139.00, followed by 140.20 respectively. The pair could push higher up to the 138.70/80 levels before giving a meaningful retracement. In the longer run, the pair has got potential to rise up to 140.50 and higher as seen here.
Trading recommendations:
Exit long positions partially. Hold remaining long positions, stop is 135.00, the target is 138.70.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
