Technical outlook and chart setups:
The EUR/JPY pair produced an indecision candlestick chart pattern on Friday indicating a potential reversal. At the moment, the pair is seen trading around 133.90/134.00 levels, and it is expected to resume rally from here on. It is hence recommended to hold long positions and also look to add further with risk at 132.50 for now. Immediate support is seen at 133.40/50 levels (interim), followed by 132.50, 130.00 and lower while resistance is seen at 137.50/138.00 levels followed by 142.30 and higher respectively. Bulls are expected to remain in control till prices remain above 132.50.
Trading recommendations:
Remain long, stop at 132.50, a target 138.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
