Technical outlook and chart setups:
The EUR/JPY pair is seen to be trading around 136.25/30 levels at the moment, looking to push above 137.00/50 levels. The pair had earlier bounced off the cone consolidation support around 135.00 levels, hence bulls are expected to remain in control till prices stay above that level. It is still recommended to remain long with risk at 135.00 levels. Immediate support is seen at 135.00 levels, followed by 134.00, 133.00 and lower while resistance is seen at 137.00/50 levels, followed by 138.00/139.00, 140.00 and higher respectively.
Trading recommendations:
Remain long, stop below 135.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com