25.04.201313:56 Forex Analysis & Reviews: EurJpy testing resistance around 130.00. Selling rallies favourable

Long-term review

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Technical outlook and chart setups:

The single currency pair has been trading around 130.00 resistance levels since several trading sessions and there is no change in wave structure for now. Resistance remains fixed at 130.00/50 and 131.00 levels; while intermediary support is at 125.00 level, followed by strong support at 119.00 respectively. However, a break of inner trendline would push prices lower to 112.00/110.00 levels as well. Looking into the price action since 90.00 levels, it is recommended to remain short for now. Risk/Reward ratio of initiating fresh short positions on rallies towards 130.00 level is also good. Looking lower for now till prices remain below 131.00 level.

Trading recommendations:

Remain short for now, stop is at 131.30, and target is open.

Good luck!

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