Technical outlook and chart setups:
After a long wait and multiple tests of support at 119.00 level, the single currency pair raises to 122.00 level, as seen here. All the sloping down trendlines of resistances were broken and the prices have also taken out resistances at 120.50 and 121.70. Therefore, it is recommended to hold existing long positions and also buy on dips towards 121.00 level from here on. Immediate support is fixed at 119.00 level, followed by 117.00 and lower; while resistances are lined up at 124.00, 126.00, 127.00, and 127.90 respectively. Looking into the existing wave structure, a high above 126.00 still remains possible. Hold on to longs for now.
Trading recommendations:
Hold long positions, stop is at 119.00, and target is open.
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 rallies breaking counter-trend lines. Hold long positions. Utilize dips as buying opportunities . Thanks for your support on EurJpy rallies breaking counter-trend lines. Hold long positions. Utilize dips as buying opportunities
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