Technical outlook and chart setups:
The EUR/JPY pair has rallied 500 pips rising through the projected targets at 134.00/50 in just one trading session. Please note that the pair has reached the Fibonacci 0.618 resistance levels of the drop from 137.00/50 to 129.50. Moreover it is testing the intermediary resistance line as well. A bearish reversal is possible from the current levels, that could drag prices lower again. It is hence recommended to take profits on the long positions now and initiate short positions with risk at the level of 135.50. Immediate resistance is seen at 136.50, while support is seen at 133.50/134.00.
Trading recommendations:
Take profits on long positions. Stay short now with stop at 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 December 04, 2015 . Thanks for your support.
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