Technical outlook and chart setups:
The EUR/JPY pair moved below the level of 131.00 taking stops out. But then, it has pulled back sharply above 131.50 levels again and is comfortably trading above 131.50 at the moment. As depicted on the daily chart, the pair is still holding in its Fibonacci 0.618 support zone around 131.00 trying to go through the level of 133.25, which is initial interim resistance. Aggressive trade setups are still recommended for initiating long positions with risk below 130.60. Immediate support is seen at 130.60 followed by 130.00, and lower, while resistance is seen at 133.25 and higher.
Trading recommendations:
Initiate fresh long positions with stop at 130.40, a target is open.
Good luck!
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