Technical outlook and chart setups:
The EUR/JPY pair got through 129.50/60 levels as expected and discussed earlier. Please note that the pair is testing a sloping resistance line around the same region. Furthermore, the fibonacci 0.618 resistance is also passing through the same region. A bearish reversal here would bring bears back in control and the pair could head towards a fresh swing low below 126.00. It is recommended to book profits on the long positions taken yesterday and wait for a reaction here. Immediate support is seen at 127.80/128.00 followed by 127.00, 126.00, and lower while resistance is seen at 131.50 and higher respectively.
Trading recommendations:
Book profits on long positions taken earlier, remain flat for now.
Good luck!
