Technical outlook and chart setups:
The EUR/JPY pair is poised to push through the levels of 137.50/138.00 after bouncing back from the levels of 134.00 on Friday. The pair is again trading around the levels of 135.20/30 at the moment and it is expected to rally higher. It is hence recommended to remain long with risk at 132.50 for now. Immediate support is seen at 134.00 followed by 132.30/50, 130.00 and lower, while resistance is seen at 137.50/60 followed by 138.00, 142.30 and higher, respectively. Bulls should remain in control until prices stay above the levels of 134.00.
Trading recommendations:
Remain long. Stop is at 132.50, target is 137.50/138.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
