Technical outlook and chart setups:
The EUR/JPY pair is seen to be stalling around the 134.00/135.00 levels at the moment. The pair might want to form an interim low ahead of the 133.00 levels before resuming rally. Bulls should continue being in control until 133.00 is in place. It is recommended to remain long with risk at the 133.00 levels for now. Immediate support is seen at the 133.00 levels (interim) followed by 132.00 and lower while resistance is seen at the 137.00 levels followed by 139.00 and higher respectively. Only a break below the 132.00 levels would confirm that the pair is set for a deeper correction.
Trading recommendations:
Remain long for now, stop is at 133.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com