Technical outlook and chart setups:
The EUR/JPY bulls responded well at the back side of resistance turned support line yesterday, as expected. The pair has now produced a bullish reversal candlestick pattern as seen on the daily chart view here and prices and prices pushed ahead up to 137.00 mark before closing at 136.80 yesterday. It looks like the bulls are back in control and should continue dragging prices higher up towards 139.80 and subsequently also through 141.30/40 levels. Support is now seen at 136.00/135.80 levels, while resistance is fixed at 138.20 (interim), followed by 139.20, and 140.10 respectively. The structure for now, reveals that bulls remain in control, bottom line remains that 135.80 should hold well.
Trading recommendations:
Remain long for now, stop just below 135.80, target 139.80 at least.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
