Technical outlook and chart setups:
The EUR/JPY pair is seen to be trading at 122.40 levels for now after pulling back from lows at 122.00 levels. The pair is still stuck in the trading range between 122.00 and 124.00/50 levels respectively. Please note that it has to break out on either direction to define further trend. Hence it is recommended to remain flat for now and wait for further confirmation of a breakout. Immediate resistance is seen at 124.50 levels, while support is seen at 121.70/80 levels. A break below 121.70 levels would encourage selling while that above 124.50 levels should attract further buying. The pair remains confined within no trading range for now.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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