EURJPY: bull above 128.00. Buy on dips
Technical outlook and chart setups:
The currency pair has retraced into 0.386 fibonacci support levels for now, although further correction towards 128.50/129.00 is possible before the rally resumes. It is recommended to remain flat for now and await a further dip before getting long. Intermediary support is at 128.00, followed by 125.00; while resistance is at 132.00/50 and 133.80/134.00 respectively. There are a couple of probabilities unfolding at the moment: in case of a bullish bounce around 128.00/50 we should open a buy position with a target at a new high; while a break of 128.50 could push it lower further.
Flat for now. Buy between 128.50/129.00, set a stop at 128.00, target is open.
The material has been provided by InstaForex Company – www.instaforex.com