EUR/JPY is consolidating in a 131.88 - 131.13 range. Once the consolidation is completed, more upside pressure is expected for continuation higher towards 134.07 on the way towards 136.50.
The short-term support is seen at 132.20 and if this support is broken, then a further decline closer to 131.88 should be seen before the next impulsive rally towards 134.07 and above.
R3: 134.07
R2: 133.13
R1: 132.79
Pivot: 131.88
S1: 131.53
S2: 131.03
S3: 130.54
Trading recommendation:
We are long EUR from 129.11 with our stop placed at 130.85. If you are not long EUR yet, then buy near 132.00 or upon a break above 132.79 and use the same stop at 130.85.
The material has been provided by InstaForex Company - www.instaforex.com