Technical outlook and chart setups:
The EUR/JPY pair is setting up for a corrective rally towards 133.30 and higher while the 130.60 lows remain intact. The pair is just breaking out of a resistance line at the moment and a push above 132.30 could be extremely encouraging for bulls. It is hence recommended to remain long and look to add ahead of 131.00 lows, risk remains at 130.60. Immediate support is seen at the 131.00 levels followed by 130.60, while resistance is seen at 133.20/30 and higher. Bulls seem to be looking to remain in control for now. Only a break below 130.60 would be of concern.
Trading recommendations:
Remain long, stop is at 130.60, target is 133.30
Good luck!
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