Technical outlook and chart setups:
The EUR/JPY pair dropped to fresh lows on Friday, and it is looks to have reached lows around 130.50. The pair is trading around the level of 131.00 at the moment, producing a pin bar candlestick pattern on the daily chart. A potential turn around may be just near as the pair trades just below the fibonacci 0.618 support as depicted here. Immediate support is seen at 130.50 (interim) followed by 129.00 and lower, while resistance is seen at 132.26 followed by 133.20 and higher.
Trading recommendations:
Remain flat looking for an opportunity to enter longs.
Good luck!
