Technical outlook and chart setups:
The EUR/JPY pair is dropping lower towards 131.50 as expected, after testing a high of 133.75 taken place yesterday. It is currently trading around the level of 132.30 at the moment and prices could still drop to 131.50 before reversing. Please note that prices might still be in a counter trend drop, hence it is recommended to remain flat now looking for a reaction at 131.50 before taking fresh long positions. Immediate support is seen at 131.50 followed by 130.00 and 129.00, while resistance is seen at 133.75.00 followed by 134.50.
Trading recommendations:
Book profits on short positions taken yesterday. Look for an opportunity to go long again at the level of 131.50, stop is at 129.00, a target is open.
Good luck!
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