Technical outlook and chart setups:
The EUR/JPY pair printed lows at 134.20/30 levels last week before pulling back towards 137.00 as seen here. Please note that the pair has broken recent trend line resistance and has entered into the buy zone again. Immediate support is seen at 135.80/90, followed by 135.20 and 134.20, while resistance is seen at 138.00, followed by 139.00 and higher up respectively. It is recommended to enter long positions on dips around 135.20/30 levels which is also the fibonacci 0.618 support ( of the rally between 134.25 to 137.00 ). Furthermore, the resistance turned support trend line is coinciding around 135.20/30 levels as seen here.
Trading recommendations:
Look to enter long positions around 135.20/30, stop is at 134.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
