Technical outlook and chart setups:
The EUR/JPY pair dipped into the immediate trend line support as seen here, around 147.00 levels. Please note that the pair has not yet broken the trend line and still remains in the buy zone, hence recommendations are to remain long with risks at 146.50 levels for now. The bulls are still in control and rally could resume taking the pair higher towards 150.80 and 151.80 levels respectively. Also note that the pair has been supported by fibonacci 0.618 at 147.20, of the rally between 145.50 to 149.80 levels. Immediate support is at 146.50 levels, followed by 145.50, while resistance is seen at 149.70/80 levels respectively.
Trading recommendations:
Remain long for now, stop at 146.50, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
