EUR/JPY Exceeds 125.00. Minor Pullback Seen before Further Rally Towards 127.00
Technical Outlook and Chart Setups:
As seen on the 4H chart view here, the single currency pair has exceeded measured extension level of 123.75 yesterday. Furthermore, the sloping downtrend line has also been broken and the first resistance at 125.00 levels has been reached as well. A minor pullback should now materialize towards 123.00/50 levels also being re-enforced as backside of trend line which is support now. It is recommended to enter buying again around these levels for the next upside extension towards 127.00 and higher.
Flat for now (profit booked). Looking to buy again between 123.00 and 123.50.
The material has been provided by InstaForex Company – www.instaforex.com