Technical outlook and chart setups:
The EUR/JPY pair hit fresh highs at 127.45 levels yesterday, before pulling back lower. The pair is trading at 127.00 levels at the moment, intending to continue dropping lower towards the major trend that is downward.Please note that yesterdays' high can still be considered as a test, and a push below 126.00 would accelerate downside further. It is still recommended to remain short with risk around 128.30 levels. Immediate resistance is just above 128.00 levels, while support is seen below 126.00 levels respectively. On the flip side though, a push above 128.50 levels, would delay the downside further.
Trading recommendations:
Remain short now, stop at 128.30, target is open.
Good luck!
