Technical outlook and chart setups:
The EUR/JPY hit another intraday low of 132.90 before pulling back higher. The pair is trading around the level of 133.05 at the moment looking for an opportunity to make a counter trend rally. It is therefore recommended to remain flat or initiate 50% long positions with risk at 132.90. Immediate support is seen at the level of 132.90 (interim) followed by 132.25 and lower, while resistance is seen at 133.90 followed by 134.80, 136.40/50, and higher. Please note that the pair needs to move above at least 136.00 to turn bullish.
Trading recommendations:
Remain flat or long with stop at 132.90, a target is at 135.00. Then reverse.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com