Technical outlook and chart setups:
The single currency pair did not provide a short trade opportunity at 130.00 as expected. Currently trading is around 127.74 level, the pair is at past resistance turned support zone as depicted on chart view here. It is recommended to initiate long positions now, for at least a meaningful pullback or fresh highs above 131.00. Immediate Fibonacci support is at 12.20/30, followed by 124.50/60, and 124.00 respectively, while strong support is at 119.00 level, followed by 117.00-116.00 and lower. The fall from sub 130.00 level can still be considered as retracement, and buying at lower support levels would be a favorable strategy.
Trading recommendations:
Buy now at 127.60/80, stop is below 125.00, and target fresh highs.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via EurJpy at support region around 127.50/60. Looking to buy again . Thanks for your support on EurJpy at support region around 127.50/60. Looking to buy again
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