Technical outlook and chart setups:
The EUR/JPY pair is trading around 128.30 levels for now after bottoming out at 127.00 levels last week. The pair had earlier made interim highs at 129.00 levels and seem to be correcting now before resuming its rally. Bulls could remain in control until prices remain broadly above the 126.00 levels. Besides, the upside potential remains around 134.50 levels and higher levels before producing a meaningful retracement. It is recommended to remain long with risk at 126.00 levels for now. Immediate support is seen at 126.00 levels and resistance is seen at 132.50 levels.
Trading recommendations:
Remain long for now, stop is at 126.00 target is open.
Good luck!
