Technical outlook and chart setups:
The EUR/JPY pair has been forming a new channel support trend line after breaking below its immediate line of support as seen here. The metal had formed lows at 145.50 levels last week, and since then has been rising steadily. It is recommended to hold long positions for now, with risk at 146.50. It is pretty much clear that the pair should remain in control of bulls till prices remain above the channel line support. Only a break here, should be a warning for a deeper correction towards 142.00 levels at least. Immediate support is at 146.50, followed by 145.50 (interim), 145.00 and lower while resistance is seen at 149.00 respectively.
Trading recommendations:
Remain long for now, move stop to 146.50 from 145.50, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
