Technical outlook and chart setups:
The EUR/JPY pair has propped up higher above the channel resistance line as depicted here. Now, it is trading around the level of 130.00. It is recommended to remain flat for now and initiate long positions on a drop towards 129.00/30, which is also the back side of resistance turned support channel trend line. Immediate support is seen at 128.00 followed by 127.00 and lower, while resistance is seen at 131.50 (interim) followed by 133.00 and higher respectively. Bulls may be poised to regain control if prices bounce off 129.00/30.
Trading recommendations:
Remain flat for now and look to buy lower around 129.00 again.
Good luck!
