Technical outlook and chart setups:
The currency pair is testing the rising trendline support, just ahead of the 131.50/60 levels as depicted in the 4H chart. A break would prove to be bearish, and prices may move towards the 130.00 levels on the downside. But a bullish bounce here would continue the trend on the higher side. It is recommended that risk for long positions should be at the 131.00 levels. Resistance begins from 133.50, followed by 134.00 and 134.80/135.00; while support is at 130.00, followed by 129.20, 128.00 respectively. Taking cues from other JPY crosses, the pair may continue sliding in short-term.
Trading recommendations:
Remain long, with a stop of 131.00.
Good luck!
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