Technical outlook and chart setups:
The EUR/JPY pair is seen to be trading around 130.20 levels after printing fresh lows at 129.80 levels earlier. Bullish divergences are seen on the 4H chart view (not shown here), indicating that a potential reversal could be just around the corner. It is hence recommended to initiate at least 50% long positions now with risk at 129.60 levels. Immediate support is seen at 129.80 levels (interim), followed by 127.00, 126.00 and lower while resistance is seen through 131.00 levels, followed by 132.00 and higher respectively. A break below 129.80 levels would delay the counter trend rally that is due since a while now.
Trading recommendations:
Initiate 50% long, stop at 129.60, a target is open.
Good luck!
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