Technical outlook and chart setups:
The EUR/JPY has been drifting sideways for the last 2 trading sessions as depicted above. Please note that the immediate support trend line was breached earlier and the prices had dropped to 145.57. Since then, the pair has been trading in a range and might be preparing for a push higher towards 151.00 levels at least. Immediate support is at 145.50/57 (interim), followed by 145.00, 143.20/30 and lower, while resistance is seen at 149.00 levels respectively. It is recommended to hold long positions taken earlier, risk below the 145.50 levels. Bulls are expected to remain in control, till the prices remain above 145.50.
Trading recommendations:
Remain long, stop at 145.40/50, the target is 151.00 and 154.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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