Technical outlook and chart setups:
The EUR/JPY has been testing a long-term resistance trend line for the last two trading sessions. The pair is trading at 131.92 looking for an opportunity to move lower towards fresh swing lows below the level of 126.00 in coming weeks. Please note that Fibonacci 0.618 resistance is also seen at the same levels as depicted in the chart. It is hence recommended to remain short now with risk at 134.00/50. Immediate support is seen at 131.00, while resistance is seen at 132.80. Bears are expected to regain control anytime until prices remain below the level of 134.50 going forward.
Trading recommendations:
Remain short with stop at 134.00, a target is open.
Good luck!
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