Technical outlook and chart setups:
The EUR/JPY pair has been stalling at 129.50/60 as seen here. Iit is just above the trend-line resistance. The pair seems to be running to the resistance around 130.00/10. It is able to resume its down swing journey from here. It is hence recommended to exit long positions now and initiate fresh short positions with risk at 131.00. The immediate support is seen at the level of 128.70 followed by 127.50/70, 127.00, 126.00, and lower, while resistance is seen at the level of 130.00, followed by 131.00/50 and higher respectively.
Trading recommendations:
Exit long positions, initiate short positions with stop at 131.00
Good luck!
