Technical outlook and chart setups:
The currency pair has just tested the 131.50 levels, before bouncing back sharply. As shown here, the short-term support trendline has been broken and the pair has bounced off just ahead of the intermediary support trendline passing through the 131.50 area now. It is still recommended to remain long with risk below 131.50. Initial intermediary resistance is at 133.75/134.00, followed by 134.80/135.00, while support is at 131.50, followed by 129.00 and 128.00 respectively. Looking into other JPY crosses, it looks that bottom formation is in process for the next upside rally here; stay long.
Trading recommendations:
Remain long, place stop below 131.50, target is open.
Good luck!
