Technical outlook and chart setups:
The EUR/JPY pair has corrected itself into 139.60 levels after printing highs at 141.30 last week. A minimum correction required, to initiate fresh long positions would be around 139.15 levels. Please note that 139.10/15 is also the fibonacci 0.382 support of the rally between 135.85 and 141.20/30. The upside potential still remains intact at 142.50 levels. Immediate support is seen at 139.00 levels, followed by 138.50, 138.00 and lower, while immediate resistance is seen at 141.50, followed by 142.30 levels. Furthermore, please keep in mind the larger structure which indicates a possibility of a higher top above 145.00 levels in coming weeks.
Trading recommendations:
Look to again buy around 139.00 levels at least.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
