Technical outlook and chart setups:
The EUR/JPY pair seems to be on its way towards new highs at 143.00 levels at least. As seen here, the pair is bouncing off the back side of resistance line, which is acting as support now. Furthermore, the fibonacci 0.618/0.786 support is also passing through 137.00 levels and a bullish morning star reversal signal is being produced at the moment. All these factors point towards a bullish bounce from the current levels and hence recommendations are to remain long from positions taken yesterday. Immediate support is seen at 135.80 and lower while resistance is seen at 139.00 levels, followed by 141.30 and higher up respectively.
Trading recommendations:
Remain long, stop at 135.80, target 143.30 at least.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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