Technical outlook and chart setups:
The EUR/JPY pair has hit extension at 138.70/80 levels and has surged beyond 139.50 for now. It is recommended to book profits on the remaining long positions taken earlier and remain flat for now. Resistance is seen at 140.30, followed by 141.30 and higher while support is seen at 137.00, followed by 135.00 and lower respectively. The pair could possibly look to reverse from the current levels but a bearish signal confirmation is awaited. The pair has hit fibonacci 0.786 resistance level at 139.75 for now. A bearish reversal signal confirmation would bring back bears into action.
Trading recommendations:
Book full profits on long positions taken earlier. Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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