Technical outlook and chart setups:
The EUR/JPY pair might be setting up to pullback lower towards the level of 130.00 at least, before resuming rally. It is recommended to remain long and look to add more after the pullback is done. Bulls could be targeting to push through the level of 132.00, which is fibonacci 0.618 resistance of the entire drop from 136.50 to 128.00 as depicted here. Immediate support is seen at 129.28 followed by 128.00/36 and lower while resistance is seen at 132.00, followed by 133.50 and higher respectively.
Trading recommendations:
Remain long for now, stop at 128.00, target at least 132.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
