Technical outlook and chart setups:
The EUR/JPY has raised and hit an intraday high of 132.25 before pulling back. The pair is trading around the level of 131.80 now looking for an opportunity to reverse from current levels, towards the major trend which is down. Please note that the pair has hit the trend line resistance and also around Fibonacci 0.618 retracement as depicted on the daily chart. It is hence recommended to initiate short positions with risk at the level of 134.00. Immediate support is seen at 130.50, while resistance is now seen at 132.25. Bears should regain control until prices remain broadly below 132.25.
Trading recommendations:
Initiate short positions now with stop at 134.00, a target is open.
Good luck!
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