Technical outlook and chart setups:
The EUR/JPY pair is rallying as expected and hitting 147.40 levels before pulling back. Please note that the backside of immediate support trend line is providing resistance around the same region. Implications are both ways at the moment, with longer trend pointing higher. Till the time 145.58 (yesterday’s low), remain intact, the pair could drift sideways or in a rising channel and try to push higher towards 151.00 and 154.00 levels in the sessions to come. On the flip side, a break below 145.50/55, the pair could drift lower towards further support trend line. Support is 145.55 (interim), followed by 145.00 and lower while resistance is 147.50 (interim) and 149.00 respectively.
Remain long for now, move stop to 145.50, the target is open. One could reverse positions on a break below 145.50.
The material has been provided by InstaForex Company – www.instaforex.com