Technical outlook and chart setups:
The EUR/JPY pair had retraced from the highs towards 146.00 levels and is seen trading back above 146.20 levels for now. Please note that the pair has bounced off the fibonacci 0.786 support of the rally between sub 145.00 and 149.00. The immediate support trend line seems to have broken but a larger correction would be confirmed only if the pair is seen reversing from 147.50 levels. It is recommended to initiate long positions for now, risk remains below 145.00. Support is seen at 145.00, followed by 143.00, 142.00 and lower, while resistance is seen at 147.50, followed by 148.50 and 149.20 respectively.
Trading recommendations:
Initiate long positions now (146.20/30), stop at 144.70, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
