Technical outlook and chart setups:
The EUR/JPY pair bounced off 134.75 levels yesterday, as it was discussed earlier. Please note that the pair has taken support off the Fibonacci 0.618 levels as depicted here, and the next leg should be higher towards 136.30 and 137.25. It is hence recommended to initiate fresh buy positions or remain long with risk around the 134.00 levels. Immediate support is seen at the 134.75 levels (interim), followed by 134.00/50, 133.00, 132.00 and lower, while resistance is seen at the 137.00 levels, followed by the 138.00/139.00 levels and higher.
Trading recommendations:
Remain long now, stop is at 134.00, targets are 136.30, 137.25 and higher.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com