Technical outlook and chart setups:
The EUR/JPY pair has been trading in a range between the levels of 126.75 and 128.75 for the last few sessions. The pair is expected to break above 128.75 and resume its rally towards at least 134.50. Immediate support is seen at 127.00 followed by 126.60 and lower, while resistance is seen at 128.75/129.00. A breakout above 128.75 would accelerate its rally towards higher levels and bulls shall be poised to remain in control until prices stay broadly above 126.60/70. It is hence recommended to remain long now with risk at 126.00. Please note that a push above the levels of 131.00/132.00 would confirm that the pair is headed further north.
Trading recommendations:
Remain long now with stop at 126.00, a target is open.
Good luck!
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