EurJpy tests 122.00-121.50 again. Hold longs for now
Technical outlook and chart setups:
Looking into the 4H chart view depicted here, following facts could be noted:
1. Prices fell below expectations at 121.50, nevertheless it is still re-enforced by 0.618 support as seen here. A bullish bounce should be expected here.
2. Furthermore, the backside of dropping trend line is again being tested, around 121.50 level, which is support now.
3. Immediate support is at 121.00, followed by 120.40, 119.00, 117.00 and lower; while resistances is at 127.00 and 127.90 respectively.
4. Till the time prices are above 120/121 levels, the immediate probable direction looks to be on the higher side, at least a test of 127.90/128.00 levels.
Remain long, stop is below 121.00, and target is at 128.00 at least.
The material has been provided by InstaForex Company – www.instaforex.com