Technical outlook and chart setups:
The EUR/JPY pair had bounced off from 135.00 levels earlier and is stalling strading around 136.60. The pair might produce an up gartley and drop to the levels of 134.00 before rallying further. Aggressive trade setup is to initiate short positions now with risk at the levels of 137.30, while a more conservative approach would be to remain flat and look for an opportunity to go long around the levels of 134.00/50. Immediate support is seen at 135.00 (interim) followed by 134,00, 132.00, and lower, while resistance is seen at 137.00 (interim), followed by 139.00, 140.00/141.00, and higher respectively.
Trading recommendations:
1. Aggressive: Initiate short positions with stop at 137.30, a target is 134.00
2. Conservative: Remain flat now. Go long at 134.00/50 with stop at 132.00, a target is open.
Good lick!
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