Technical outlook and chart setups:
The EUR/JPY pair has dropped into the 140.00 levels as seen here and discussed last week. Please note that 140.00 is the fibonacci 0.618 support of the rally from 134.00 to 149.80 levels earlier. It is still recommended to remain long and also look to add further positions, risk remains at 139.40/50. Immediate support is seen at 138.00, followed by 136.00 134.00 and lower while resistance is seen at 145.00, followed by 147.00, 148.00 and higher respectively. A bullish reversal from current levels, could be quite encouraging, and could potentially push the pair towards fresh highs above 149.80. A push through 142.00 levels would confirm.
Trading recommendations:
Remain long, stop at 139.40, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
