Technical outlook and chart setups:
The EUR/JPY pair is seen to be trading between channel resistance and past resistance turned into support line at the moment. The pair is facing channel resistance around the levels of 129.45 and could possibly turn lower again. It is hence recommended to fix profits on the long position initiated yesterday. Immediate support is seen at the levels of 128.00 followed by 127.00 and lower, while resistance is seen at the levels of 130.40/50 followed by 131.40/50 and higher, respectively. The pair needs to break out of the channel resistance line clearly to confirm that bulls are back in control again.
Trading recommendations:
Fix profits on long positions and remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
