FX.co ★ EurJpy Is Consolidating Around 126.00 Region. Restrain From Taking Fresh Longs

Technical Outlook and Chart Setups:

As seen from the 4H chart view depicted here, the single currency pair is now consolidating between 125.00 and 126.00 since last 2 sessions. Intermediary support is just below the 125.00 mark, followed by 123.00 while intermediary resistance is at the 127.00 area followed by 127.90/128.00 area. It is recommended not to take fresh long positions at the moment and also reduce risk to earlier long positions, if taken. It still possible that the single currency pair prints fresh highs before revering sharply.

Trading Recommendations:

1. Conservative strategy is to book profits on long positions taken yesterday and wait for go short again.

2. Aggressive strategy would be to hold longs, move stop to 125.00 from 123.00, target 129.00.

Good Luck !