EURJPY Takes off Major Resistance At 114.00. Next is at 118.00
Technical Outlook and Chart Setups:
A Weekly chart has been presented here for a larger view. As depicted here, 114.00 level resistance has been swiftly taken off by bulls yesterday. With no pullbacks insight, it is difficult to recommend getting long at current levels. A meaningful pullback should be underway soon. Please focus on the Fibonacci resistance levels shown here; the next resistance is at 118.00 followed by 120.00. Looking into the shorter timeframe, immediate support is at 113.40. followed by 113.00 and 110.50 respectively. Intraday pullbacks can be bought around 114.00 levels with tight risk management.
Buy around 114.00, Stop is at 113.20, Target is at 118.00.
Good Luck !
The material has been provided by Instaforex Company – instaforex.com