Technical outlook and chart setups:
The EUR/JPY pair has pushed higher towards 138.85 levels till now. Please note that there is still enough room for a push towards 139.50 and 140.50/60 levels respectively. All corrective dips should remain well capped above 137.00 levels from here on. It is hence recommended to initiate fresh long positions around 137.00 levels. Immediate support is seen at 137.00 levels (past resistance turned support), followed by 135.50, 135.00 134.00 and lower, while resistance is seen at 139.50 levels, followed by 140.50/60 and higher respectively.
Trading recommendations:
Remain flat for now, look to buy around 137.00 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com