Technical outlook and chart setups:
The EUR/JPY pair has tested the back side of resistance turned support line and bounced off to the level of 129.10. A bullish morning star candlestick pattern is under formation at the moment and it is recommended to initiate long positions again with risk at 128.00. Immediate support is seen at 128.00 followed by 127.00 and lower, while resistance is seen at 130.50 (interim) followed by 131.50, 133.00, and higher respectively. Bulls are expected to be back in control and push prices higher towards 133.00 at least.
Trading recommendations:
Initiate long positions again, stop at 128.00 and target at 133.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
