Technical outlook and chart setups:
The EUR/JPY pair had rallied through the level of 130.00 before pulling back sharply on Friday. The pair is seen to be trading around 129.23/25 and at the trend-line resistance. Please note that the pair might have already entered into the buy zone on smaller time frames. It is hence recommended to initiate long positions around the level of 129.25 with risk at 128.00. Immediate support is seen at 127.50/75 followed by 126.00 and lower, while resistance is seen at 131.00/50 and higher respectively. Bulls might be preparing to extend rally through the level of 131.50 before producing a meaningful retracement.
Trading recommendations:
Initiate long positions, stop at 128.00, a target is open.
Good luck!
