Technical outlook and chart setups:
The single currency pair has held resistance at 132.80/133.00 levels well. Furthermore, a potential right shoulder seems to have been carved out at 132.20 yesterday. Still a possibility remains of a 133.40 high, which is also the 0.786 retracement level from the fall from 132.75 to 131.18. It is very much recommended to remain short and add further on a rally towards 132.40 level. Resistance remains fixed at 132.80/133.00; while immediate support is at 129.50. A push below 131.18 would accelerate fall towards sub 130.00 levels, where the immediate trend line support will be met. A break of 130.00 would further see 128.50 level on lower side. Looks like a major top is in place at 132.75 for now.
Trading recommendations:
Remain short, stop is at 133.10, 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 resistance remains at 133.00/10. Remain short for now . Thanks for your support on EurJpy resistance remains at 133.00/10. Remain short for now
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