Technical outlook and chart setups:
The EUR/JPY pair is trading at 123.40 levels at the moment, looking to rally through 125.35 levels at least from here on. Please note that the pair is just in a countertrend rally and bears would remain in control till prices stay below 128.25 levels, from here on. Also note that the pair had broken below earlier support at 123.08 levels and hence a pullback is quite probable from here, before resuming the downtrend. Hence it is recommended to remain flat for now and look to sell again at 125.30 levels. Immediate resistance is seen at 125.00.30 levels, while support is seen through 122.50 levels respectively.
Trading recommendations:
Remain flat for now and look to sell higher.
Good luck!
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