Technical outlook and chart setups:
The EUR/JPY pair has bounced off from 137.00 levels as expected. Please note that it is pushing beyond the 50-day moving average, indicating further push ahead. The pair should be targeting 140.50 levels at least, and bulls should remain in control till prices stay above 137.00 levels for now. It is hence recommended to book partial profits and move risk to 137.00 levels. Immediate support is seen at 137.00 levels (interim), followed by 136.00, 135.00, 134.00 and lower, while resistance is seen at 139.50 levels, followed by 140.50 and higher.
Trading recommendations:
Book partial profits and move stop to 137.00 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com