Technical outlook and chart setups:
As depicted on the short-term (1H) chart view here, prices have been registering higher highs and higher lows sequence at the moment. Immediate support is at 124.00 level, followed by 123.00, 121.50 and lower. Resistance, as mentioned earlier, is at 127.90/128.00 and higher. A push above resistance shall take prices higher to around 129.00/50 levels. It is recommended to refrain from buying at these levels, look rather for a top formation and go short.
Trading recommendations:
Flat for now. Looking to go short again.
Good Luck!
The material has been provided by Instaforex Company - http://www.instaforex.com/
For detail explanation and best discovery on market trends you may visit via EurJpy: Bulls not ready give up yet. 124.00 needs to be broken for further directions . Thanks for your support on EurJpy: Bulls not ready give up yet. 124.00 needs to be broken for further directions
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