EurJpy rallies past 126.00. Recommended exit long positions
Technical outlook and chart setups:
As seen on the 4H chart view here, the single currency pair has raised past the 126.00 mark as expected, much comfortably. At the moment it is recommended to exit long positions (126.04); more aggressive trade would be to go short again. Resistance is at 127.90/128.00 levels, while support is around the 121.00 mark immediately. There is still a possibility that the single currency pair is preparing for a huge retracement in the coming weeks. Look lower for now.
Book profits on long positions taken yesterday. Go short, stop is at 128.30, and target is at 121.00 at least.
The material has been provided by Instaforex Company – www.instaforex.com