29.07.201310:42 Forex Analysis & Reviews: EurJpy testing channel support. Buy on bounce

Long-term review

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Technical outlook and chart setups:

A 4H chart view has been depicted here for a closer look at channel support. As discussed earlier, the channel line support has remained intact since several trading sessions and if prices continue to take support, the sequence of higher highs may still continue further. Current levels of potential support has been tested at 130.00. A bullish bounce here should be bought against 128.00 with an open target. Only on the event of the channel line breaks, one should enter on the short side. Immediate resistance is the 133/134 region, while support is at 128.00 as shown.

Trading recommendations:

Buy on a bullish bounce on the channel line, stop is below 128.00, and target is open.

Good luck!

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