The EUR/JPY pair is trading around 128.50 for now and is attempting to get higher. The pair reversed from the fibonacci 50% levels and short positions were initiated. It is still recommended to remain short with risk at 129.10/20. A push above 129.10 would favor bulls and could reach the levels at 129.40/50 which are also the fibonacci 0.618 resistance. Immediate resistance is seen at 129.30/50 followed by 131.50 and higher, while support is seen at 127.40 levels followed by 126.00 and lower respectively.
Trading recommendations:
Remain short for now, stop at 129.50, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The EUR/JPY pair is trading around 128.50 for now and is attempting to get higher. The pair reversed from the fibonacci 50% levels and short positions were initiated. It is still recommended to remain short with risk at 129.10/20. A push above 129.10 would favor bulls and could reach the levels at 129.40/50 which are also the fibonacci 0.618 resistance. Immediate resistance is seen at 129.30/50 followed by 131.50 and higher, while support is seen at 127.40 levels followed by 126.00 and lower respectively.
Trading recommendations:
Remain short for now, stop at 129.50, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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