Technical outlook and chart setups:
The EUR/JPY pair has taken out initial resistance at 128.50 and must be looking for an opportunity to move through the level of 129.00 before producing a meaningful retracement. The pair has broken above the immediate line of resistance, which is encouraging for bulls. It is expected to drop lower towards 127.10/20 before resuming its previous rally. It is recommended to remain flat for now and wait for a reaction at the level of 127.20. Immediate support is seen at 126.00, while resistance is seen at 129.00.
Trading recommendations:
Remain flat.
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 January 27, 2016 . Thanks for your support.
No comments:
Post a Comment