Technical Outlook and Chart Setups:
A Daily Chart view has been depicted here for larger Fibonacci extension view. The single currency pair has extended rally further above 118.00 level in a considerable way. The next Fibonacci extension/resistance level is at 121.00 level, which also coincides with a past resistance on a weekly chart. Longer timeframe support is at 114.00 level now, while immediate support is at 118.00 at the moment. It is recommended to wait for a pullback on smaller timeframes before entering into fresh long positions. 118.00/50 are recommended buy prices for intraday dips.
Trading Recommendations:
Flat for now. Wait for intraday dips for building fresh long positions to target 121.00 level.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
For detail explanation and best discovery on market trends you may visit via EurJpy Prints Higher Highs. 121.00 Is The Next Reistance . Thanks for your support on EurJpy Prints Higher Highs. 121.00 Is The Next Reistance
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