Technical outlook and chart setups:
As depicted here on the 4H chart view, the single currency pair seems to have bottomed out around 119.00 support levels and is initiating a bounce at the moment. The measured support level is fixed at 119.00, followed by 117.00/116.00 and lower. Immediate resistance on smaller timeframes is at 120.50 level, followed by 121.00, 124.00, 126.00 and higher. It is recommended to remain long from positions taken earlier and add further on a break higher than 120.50. The shorter resistance line as shown here is breaking at the moment which is favorable for bulls and a push higher than 120.50 would further confirm that the next move is higher from here on. Bottom line: Look higher till 119.00 remains intact.
Trading recommendations:
Remain long, stop is below 118.50, and target is open for now.
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 initiating bullish bounce around 119.00. Remain long for now . Thanks for your support on EurJpy initiating bullish bounce around 119.00. Remain long for now
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