Technical outlook and chart setups:
The EUR/JPY pair pulled back into 138.50 levels as discussed earlier. This move was expected after the pair made a high above 141.00 levels last week. Please note that the past resistance turned support region is also passing around the same region for now (around 138.50). It is recommended to initiate long positions again at current levels and expect a rally up to 142.50 in coming sessions. Immediate support is at 138.00 (fibonacci), followed by 137.00 (fibonacci), 135.85 and lower, while resistance is seen at 142.50 and higher respectively. Bulls seen to be taking back control for now, remain long.
Trading recommendations:
Initiate fresh long positions now (138.70/75), stop below 137.70, target is 142.50.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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