Technical outlook and chart setups:
The EUR/JPY is stalling at 141.00 levels for now and could drop to 140.00 before resuming its rally again. Please note that 140.00 level is valid if there is also fibonacci 0.618 support of the rally from 134.00 to 149.80 levels respectively. It is recommended to remain long for now and also look to add further at 140.00 levels if prices manage to reach there. Risk remains at 139.00 levels. Immediate support is seen at 140.00 (fibonacci), followed by 137.00 and lower, while resistance is seen at 145.00 levels, followed by 147.00, 148.00 and 149.80 respectively. A push through the 145.00/146.00 levels would accelerate further bullish run towards fresh highs.
Trading recommendations:
Remain long for now. The stop is at 139.00 and the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
