20.08.201312:04 Forex Analysis & Reviews: EURJPY Bulls in control. Remain long above 128.00

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Technical outlook and chart setups:

The currency pair is setting up for an extension above 130/132 levels in the sessions to come. It is recommended to remain long for now and continue buying on dips further. Resistance is at 123.00/50 and 133.80/134.00; while support is 128.00 (intermediary), followed by 125.00 and 119.00 respectively. An increasing support wedge seems to be forming which favors break out on the north side. A push through 132.00 would confirm the same. On the other side, only a drop below 128.00 levels would be a concern for bulls. Looking higher for now.

Trading recommendations:

Remain long, set stop below 128.00.

Good luck!

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