Trading Conditions
Products
Tools
Technical outlook and chart setups:
As seen in the 4H chart, EUR/JPY seems to have formed base at the following convergences:
1. Fibonacci 0.786 support. 2. Fibonacci 61.8 extensions of the downswing (127.90-124.00). 3. Past resistance turned support region. Looking into the above-mentioned facts, it is recommended to hold on existing long positions and look to add further (now) as well. Intermediary support is at 118.70/80 followed by 117.00 and 116.00 respectively. Resistance will be strong near 124.00. Looking higher for now. 118.70 remains key for bears to take further control.
Trading recommendations:
Hold on to long positions taken earlier, stop at 118.50, target 124.00.
Good Luck!
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.