Technical outlook and chart setups:
The EUR/JPY pair is targeting fresh highs each trading day as seen here. The fibonacci extensions are pointing towards 150.00 and 153.00/154.00 as potential upside targets. It is recommended to buy on intraday/interday dips for now. Immediate support is seen at 145.00, followed by 143.00/142.00 and lower while resistance is seen at 150.00, followed by 154.00 (fibonacci extensions), respectively. Any dip or retracement towards 146.50 levels could be considered as an opportunity to initiate long positions, with risk below 145.00. Bulls seem to be in complete control for now and short selling should be avoided for now.
Trading recommendations:
Flat for now, looking to go long around 146.50 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
