Technical outlook and chart setups:
The EUR/JPY pair is seen to be trading in a broader cone consolidation as seen here calling for a breakout to confirm the next big move. The pair is trading around the levels of 136.00 now, which is coinciding with the past support turned resistance. The consolidation support came in at the levels of 134.80, while resistance is seen around 136.75. It is recommended to exit long positions and remain flat. A breakout below the levels of 134.50 could trigger further downside. It can challenge the levels of 138.00/139.00.
Trading recommendations:
Exit long positions and remain flat for now.
Good luck!
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