Technical outlook and chart setups:
The EUR/JPY pair has almost hit/reached the first expected fibonacci target and made a high at 139.20 levels on Friday. The pair is pulling back at the moment and is again expected to resume rally towards 139.80/90 levels. It is therefore recommended to remain long (one can take partial profits) for now. Please note that dips towards 138.00 levels and lower, should be considered as opportunities to go long again. Support on the daily chart view remains at 135.80/136.00 levels while resistance is seen at 139.30, followed by 140.00, 142.50 and higher up respectively. Look for a short-term dip for now and then expect rally to resume.
Trading recommendations:
Remain long, (book partial profits), stop at break even levels, target 140.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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