Technical outlook and chart setups:
The EUR/JPY pair has dropped into 143.00 levels before bouncing back sharply. This was discussed and expected last week. Please note that the pair has bounced off the fibonacci 0.382 levels at the moment. A bullish recovery here could see prices rallying into 147.00 levels easily, if not further. It is recommended to initiate long positions now (143.90/95), with very tight risk just below 143.00 levels. Immediate support is seen at 143.00 (interim), followed by 142.00 and lower while resistance is seen at 145.50, followed by 147.00, 148.00 and 149.50 respectively. The pair might have finished correction for at least short term and a bullish bounce should be expected here.
Initiate long positions, stop at 142.70, target is open.
Performed by Harsh Japee, Analytical expert
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