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EurJpy at support around 122.00. Look to go long again

Posted at March 18, 2013 Categories : Forex Analysis |

Technical outlook and chart setups:

As seen here, on the 4H chart view again, the single currency pair has opened gap down triggering our stops below 124.00 level. None the less, the structure still remains bullish for bulls to stage an impressive rally from here on. Prices have taken support at a past resistance turned support at around 122.00. Also the backside of falling down trend line is again tested around 122.00 level and the prices bounced back sharply. Taking it into consideration, it is still recommended to go long EurJpy during intraday dips, for the bulls to challenge swing highs at 128.90 and higher. Immediate resistance is at 127.00 level, followed by 127.90; while support is at 121.00, 120.00 and 119.00 respectively. Look to enter buying on intraday dips.

Trading recommendations:

Go long again now, (122.80), stop is at 121.00, and target is open.

Good Luck!

The material has been provided by InstaForex Company – www.instaforex.com