Technical outlook and chart setups:
The EUR/JPY pair has hit 131.30/50 again and pulled back sharply. The pair is currently trading around the level of 130.83. As it failed to get through 131.50, there is a probability that it will move back towards its lower range around the level of 128.50. It is recommended to book profits on long positions taken last week and remain flat for now. Immediate support is seen at 128.50 followed by 128.00 and lower, while resistance is seen at 131.30/50 and higher respectively. Levels of interest are 129.00 and 128.50 respectively.
Trading recommendations:
Book profits on long positions taken earlier and remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
