Technical outlook and chart setups:
The EUR/JPY pair is following up well after bouncing off the support trend line turned to resistance on September 08, 2014. Bulls seem to be in control for now and any intraday pullbacks should be considered as opportunities to initiate long positions. The fibonacci extensions are pointing towards 139.80 and 143.40 levels in the coming sessions. Immediate support is seen at the 135.80/136.00 levels while resistance is seen through 139.20, followed by 140.00, 142.00 and higher respectively. A push through the 142.00/143.00 levels could indicate that the pair could print fresh highs before reversing lower.
Trading recommendations:
Remain long for now, stop at 135.80, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
