Technical outlook and chart setups:
The EUR/JPY pair is inching towards its first measured extension levels at 138.00 and 138.70/80 levels respectively, as seen on the 4H chart view here. Resistance is just around the current price action at 138.00, followed by 139.00 and higher, while support is 136.50, followed by 135.00 and lower respectively. Please note that the pair has bounced off the confluences of fibonacci 0.618 and resistance turned support trend line earlier (around 135.20 levels). It is still recommended to hold long positions, risk remains just below 135.00.
Trading recommendations:
Remain long, move stop to 136.50, target is 138.70.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
