Technical outlook and chart setups:
TThe EUR/JPY pair might be forming a base around levels of 127.90/128.00 now before resuming its rally towards at least 134.50. Also note that the pair has found support at Fibonacci 0.88 levels, of an entire rally between 126.00 and 141.00 respectively. The bullish reversal here would still keep the wave structure intact and the pair could resume uptrend. Immediate support is found at 126.00, while resistance is seen at 132.50 followed by 134.50 and higher levels. Bulls are expected to remain in control until prices stay above 126.00.
Trading recommendations:
Remain long from here with stop at 126.00, a target is open.
Good luck!
