Technical outlook and chart setups:
The EUR/JPY pair might completed correction yesterday and reached higher lows around 131.75. Please also note that prices have bounced from a Fibonacci 0.786 support and the back side of the resistance trend line, which acts as support now. If this wave structure holds, the pair should head north towards at least 134.30 and further towards 136.00 as we had discussed earlier. It is hence recommended to remain long and look for an opportunity to add positions with risk at 131.00. Immediate support is seen at the level of 131.75 followed by 131.30 and lower, while resistance is seen at 134.30 and higher.
Trading recommendations:
Go long now with stop at 131.00, 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 November 11, 2015 . Thanks for your support.
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