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Technical outlook and chart setups:
The EUR/JPY pair has taken out the resistance line at 129.00 as expected and discussed yesterday. Now the pair is trading around the level of 129.60 looking for a way to drop lower in a corrective manner towards 127.50 before resuming its rally. The resistance line, which was broken, is now expected to act as support at the same levels (127.40/50). It is recommended to remain flat and look for an opportunity to initiate long positions at lower levels. Immediate support is seen at 128.20, while resistance is see at 129.45 (interim). Bulls should remain broadly in control until prices stay above 126.00 moving forward.
Trading recommendations:
Remain flat and look for an opportunity to go long again near 127.50.
Good luck!
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