Technical outlook and chart setups:
The EUR/JPY pair is seen to be finally breaking out of its cone consolidation as depicted here, trading around 137.50 levels for now. Initial resistance shall be met here and around 137.80 levels. Please note that potential remains for a push towards 140.00 and higher levels respectively. It is hence recommended to remain long for now, with risk at break even levels. Immediate support is seen at 135.50/60 levels, followed by 135.00, 134.00, 133.00 and lower, while resistance is seen at 138.00/139.00 levels, followed by 140.00,141.00 and higher respectively.
Trading recommendations:
Remain long, stop at break even levels or 135.50, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for August 11, 2015 . Thanks for your support.
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