Technical outlook and chart setups:
The EUR/JPY pair might be preparing to break higher, above the handle of 135.00 now. The pair has been facing resistance for some time at the levels of 135.00; and a break higher could raise the pair quickly into the region of 137.50/138.00. Therefore, it is recommended to hold long positions taken earlier and to look to add fresh ones above 135.00/30 as well, risk remains at 132.50 for now. Immediate support is also seen at 132.50 followed by 130.00 and lower, while resistance is seen at 137.50/138.50 followed by 142.00 and higher, respectively.
Trading recommendations:
Remain long for now; stop is at 132.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
