Technical outlook and chart setups:
The EUR/JPY pair is seen to be trading at 126.00 levels at the moment, looking to rally through the consolidation that has been in place for several days. It seems the pair has formed meaningful lows just below 125.00 levels for now, and looking to push towards fibonacci 0.618 resistance at 128.50 levels as depicted here. Note that the trend line resistance would also pass around the same region, so a bearish reaction could be expected there. It is hence recommended to exit/book profits on short positions taken earlier and turn long from here, against 124.50 levels. Immediate resistance is seen at 127.00/30 levels, while support is at 124.50 levels respectively.
Trading recommendations:
Take profits on short positions and turn long against 124.50 levels.
Good luck!
