Technical outlook and chart setups:
The EUR/JPY is seen to be stalling around 137.00/20 levels since yesterday. The pair could retrace and carve a higher low around 136.00 levels before resuming rally towards 138.70/80 levels. Support is seen at 136.50, followed by 135.25, 134.25 and lower while resistance is seen at 138.00, followed by 139.00 and higher respectively. The pair had bounced off the 135.20 levels last week, which is confluence of fibonacci 0.618 support, backside of the resistance line and a morning star bullish candlestick formation. Hence it is recommended to remain long since bulls shall remain in control till prices remain above 135.00/20 from here on.
Trading recommendations:
Remain long, set stop at 135.00, target is 138.70.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for October 28, 2014 . Thanks for your support.
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