Technical outlook and chart setups:
The EUR/JPY pair is seen to be dropping below 128.50 and could be heading towards fresh lows at the sessions to come by. It is recommended to exit long positions for now and prepare to sell rallies. Immediate support is seen at 128.00 followed by 127.00 and lower, while resistance is seen at 130.50 followed by 131.50, 132.00, and higher respectively. The pair could drop below 128.00 and find support ahead of 127.00. It remains to be seen if prices continue falling below 128.00 before initiating positions.
Trading recommendations:
Exit long positions for now and remain flat.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
