Technical outlook and chart setups:
The EUR/JPY pair has dropped to the level of 130.50 for now after facing resistance at 131.50 yesterday. The pair could be supported around the 130.00 and still look to push towards the level of 133.00 in the sessions to come. It is recommended to remain long for now with risk at 128.00. Bulls are poised to remain in control untill prices stay above the level of 128.00. Immediate support is seen at 129.30 followed by 128.00 and lower, while resistance is seen at 132.00 followed by 133.00/75 and higher respectively. The pair needs to clear 136.50 to confirm a trend reversal scenario.
Trading recommendations:
Remain long, stop at 128.00 target is 133.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
