Technical outlook and chart setups:
As depicted on a 4H chart view, the prices retraced up to 119.00 level on Friday. It is still possible for the single currency to retrace further down towards 118.00 level. Still it is recommended to book profits on the short positions recommended on Friday at current price (119.45/50). Resistance at the moment is fixed at 120.70/75 region, while immediate support is at 116.50 level as shown here. There is still a possibility that the single currency pushes further up to 121.00 level before initiating a meaningful pullback. Flat for now.
Trading recommendations:
1. Book profits on short positions taken on Friday at 119.45/50.
2. Flat for now. Look to go long as close to 118.00 level, if prices manage to reach there.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
For detail explanation and best discovery on market trends you may visit via EurJpy is well above immediate support of 116.50 . Thanks for your support on EurJpy is well above immediate support of 116.50
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