Technical outlook and chart setups:
The EUR/JPY pair is seen to be trading at 123.00/10 levels for now, looking to push higher provided 122.00 levels hold. A bullish reversal here would push prices towards 126.00 levels at least, if not higher. As depicted here, the pair is testing its fibonacci 0.786 support (of the entire rally between 122.00 and 128.25 levels respectively) at 123.00 levels. It is recommended to remain long now (only 50%), with risk below 122.00 levels. Immediate support is seen at 122.00 levels, while resistance is at 125.80 levels respectively. Only a push below 122.00 levels would delay matters for at least a pullback rally.
Trading recommendations:
Remain 50% long, stop below 122.00, target is open.
Good luck!
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