Technical outlook and chart setups:
The EUR/JPY pair has dropped to fresh lows at 129.19 levels yesterday as seen here. This drop has taken out our stops at 130.00 yet again. Please make note that the last drop yesterday could be a final one before a reversal towards 137.50 levels and higher. Enough divergence is seen on the daily chart setup , which is indicative of a potential reversal. An aggressive trade setup could be to initiate fresh long positions with risk at 128.00 while a more conservative strategy could remain flat for now and for further evidence of a bullish signal on Daily Charts. Immediate support is seen at 128.00 while major resistance is now seen at 137.50 respectively.
Trading recommendations:
1. Aggressive trade setup is to initiate long positions now (129.60/65), stop is at 128.00, a target is at 137.50.
2. Conservative trade setup is to remain flat.
Good luck!
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