EUR/JPY can be Bought on Dips Towards 123.00-124.00
Technical Outlook and Chart Setups:
As seen on the 4H chart here, the single currency pair formed a base around 122.20/30 levels and rallied past the 125.00 region in the past trading sessions. A push through 126.00 region now would confirm that further upside is due in coming weeks. Immediate resistance is just around the 126.00 region followed by 127.00 and 127.90; while support is at 121.00 levels respectively. At the moment, prices seem to be testing the backside of the uptrend line and hence it is recommended to re-enter buying on dips (probably after 126.00 levels are taken out).
1. If bought earlier, please book profits now.
2. Enter fresh long positions between 123.00 and 124.00 after 126.00 is taken out, stop is at 121.00, target is open.
The material has been provided by InstaForex Company – www.instaforex.com