Technical outlook and chart setups:
The EUR/JPY pair is seen to be supported well around the level of 130.00 for now. The pair is seen to initiate/resume rally higher, and a break above 131.50 is likely to encourage bulls to go forward. It is hence recommended to initiate 50% positions now with risk at 128.50. Immediate support is seen at 128.50 followed by 128.00, 127.00, and lower, while resistance is seen at 131.50 followed by 133.00 and higher respectively. Bulls shall look to remain in control untill prices stay above 128.50.
Trading recommendations:
Initiate 50% long positions, stop at 128.50, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
