29.08.201307:51 Forex Analysis & Reviews: EURJPY rally to quicken pace. Remain long

Long-term review

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Technical outlook and chart setups:

The currency pair has ticked up from the support of the short-term falling trendline as depicted here. Short-term resistance shall be faced around these levels but a push through the 131.00 levels would confirm reversal towards fresh highs. Initial support is at 129.00, followed by 128.00 and 125.00, while resistance is at 132.50 and 133.80/134.00, respectively. Furthermore, the currency has bounced off the fibonacci 0.618 support of the entire rally from 128.00 to 133.25. It is recommended to hold long positions and also initiate fresh longs. Looking higher from here.

Trading recommendations:

Remain long, place stop below 129.00, target is open.

Good luck!

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