Technical outlook and chart setups:
The EUR/JPY pair reached the level of 131.70 yesterday, before pulling back lower. The pair seems to be targeting for a wave 3 corrective rally towards 140.00. Therefore, it is recommended to remain long for now and look to add further on dips, with risk below the level of 127.00. Immediate support remains at 127.00 while resistance is seen at 136.50 on the daily chart view. Bulls should be poised to remain in control untill the price stays above the level of 127.00 from here on. Looking into the bigger picture, a corrective wave 3 rally towards 140.00.
Trading recommendations:
Remain long, stop below 127.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
