Technical outlook and chart setups:
The EUR/JPY pair has finally broken above the levels of 135.00 clearly, as seen here. The pair has resumed rally towards the levels of 137.50/138.00 at least. Please note that Fibonacci 0.382 resistance is also seen at the levels of 137.92. It is recommended to remain long for now, risk remains around the levels of 132.50. Immediate support is seen around 135.00 (interim) followed by 132.50, 130.00 and lower, while resistance is seen at the levels of 137.50/138.00 followed by 142.00 and higher, respectively. The pair is in the first wave of a potential 3 waves rally.
Trading recommendations:
Remain long for now; stop is at 132.50, target is 138.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
