Technical outlook and chart setups:
The EUR/JPY cleared the resistance at 131.50 yesterday as we can see on the 4-hour chart view. We reccomend to buy on dips from here on. The area of interest to initiate long positions is seen around 128.00/129.00. Also note that fibonacci 0.618 support and the resistance turned support trend-line is also converging around the same region. It is recommended to initiate long positions around 128.00/129.00 on a bullish bounce. Immediate support is seen at 130.30 followed by 128.00 and lower while resistance is seen at 134.00 and higher respectively.
Trading recommendations:
Flat for now. Looking to buy lower.
Good luck!
