Technical outlook and chart setups:
As seen here, the EUR/JPY pair is testing the back side of the resistance turned support line at 137.00/20 levels. A bullish reversal here would push the pair higher towards at least 142.40 levels in the coming trading sessions. Immediate support is at 135.80, while resistance is seen at 139.20, followed y 141.30 and higher respectively. It is recommended to remain long for now, risk remains at 135.80 levels. Also please note that prices remain supported at fibonacci 0.786 level, of the rally from 135.80 to 141.30. Bulls are expected to remain in control till prices stay above 135.80. Only a break below 135.00 now, would delay matters.
Trading recommendations:
Remain long, stop at 135.80, target is at 142.30.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
