Technical outlook and chart setups:
The EUR/JPY pair is seen to be trading sideways (cone formation) in a 100-pip range between 134.50 and 135.50 respectively for 3 trading sessions in a row. Please note that the pair had bounced off lows, just below 134.00 earlier as seen here on the 1H chart. The pair is expected to break higher towards at least 137.50 levels. A push above 135.50 levels now would confirm the same. Hence, it is recommended to remain long with a risk below 133.00 levels. Immediate support is seen at 134.50, followed by 133.50, 132.50 and lower while resistance is seen at 135.50 levels, followed by 136.00/25, 137.50/138.00 and higher respectively.
Trading recommendations:
Remain long, stop at 132.50, a target 137.50/138.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
