Technical outlook and chart setups:
The EUR/JPY pair dropped to the level of 131.00 as expected earlier. Since then, the pair has been drifting sideways between 131.25 and 132.75 as seen on the H4 chart. Bulls are expected to remain in control until prices remain broadly above the level of 131.00. Please note that the pair has found support at the Fibonacci 0.618 level at 131.00 earlier. It is hence recommended to remain long with risk at the level of 130.00. Immediate support is seen at 131.00 levels (interim) followed by 129.50 and lower, while resistance is seen at 132.75 followed by 133.75 and higher.
Trading recommendations:
Remain long, stop is at 130.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com