Technical outlook and chart setups:
The EUR/JPY pair is seen to be trading at 130.70 for now and bulls are poised to push the pair higher towards the level of 133.00 levels. The pair might produce a bearish reaction at 133.00, and I recommend to take profits on long positions there. Immediate support is seen at 129.30 followed by 128.30 and 127.00 while resistance is seen at 131.90, followed by 133.50 and higher respectively. Bulls are expected to remain in control untill prices stay above the level of 128.00.
Trading recommendations:
Remain long, stop at 128.00 target 133.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
