Technical outlook and chart setups:
The EUR/JPY pair has retraced lower towards 147.90/148.00 levels, after printing fresh highs close to 150.00 region. Aggressive trade setup is to remain long and also look to add further, with risk just below 147.00. Please note that the pair is trading in the buy zone of its immediate trend line support for now. Hence, high probability remains towards 150.80 and 151.80 respectively. Immediate support is seen at 147.00, followed by 146.50, 145.00 and lower, while resistance is seen at 150.00 (interim), followed by 151.00 and higher respectively. Bulls are expected to remain in control till prices remain above 147.00.
Trade recommendations:
Remain long, stop below 147.00, the target is 151.80.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
