Technical outlook and chart setups:
In 4H chart it is depicted that the pair has formed another rising channel and is heading towards 133.00 and higher for now. The resistance level of 132.00 has been broken through and the bulls are now targeting 132.50/60 and 133.00, but after a pullback/retracement. Support levels are 129.20/30, followed by 128.00 and 125.00, respectively. It is still recommended to hold long positions for higher targets above 133.00 at least. Furthermore, intraday dips could also be with stop at 129.00. JPY crosses seem to be heading towards fresh highs in the coming trading sessions.
Trading recommendations:
Remain long, move stop from 128.00 to 129.00, target is open.
Good luck!
