Technical outlook and chart setups:
The EUR/JPY pair is trading at 137.0 levels at the moment, just around the fibonacci 0.786 support level, of the rally between 135.80 and 141.30. As seen on the 4H chart here, the pair is forming a bullish morning star reversal candlestick signal here indicating a potential rally. Immediate support remains fixed at 135.80, while resistance is seen at 139.00, followed by 140.25, 141.30 respectively. It is recommended to remain long for now, risk remains at 135.80. The bulls are expected to regain control back, till prices remain above 135.80 levels.
Trading recommendations:
Remain long, stop at 135.80, target is open.
Good luck!