Technical outlook and chart setups:
The EUR/JPY pair dropped to 132.40/50 levels yesterday and, as suggested, long positions initiated. The pair may dip to 132.00 levels before rallying further high into the 138.00 handle. It is still recommended to keep buying on dips from here on, risk remains below 130.00. Bulls are poised to stage an impressive counter trend rally in 3 waves which could reach 143.30 levels in the coming weeks. Immediate support is seen at 132.00 followed by 130.00 while resistance is seen at 138.00 followed by 142.00 and higher, respectively. The pair is expected to print higher highs and higher lows untill prices remain above 130.00 levels.
Trading recommendations:
Remain long, stop is below 130.00, target is 138.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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