FX.co ★ EurJpy bounces off channel support line again. Break here would be bearish

Technical outlook and chart setups:

The single currency pair has again tested the channel support line and bounced off sharply into 131.50/75 region. At the moment, it is recommended to exit long positions taken last week. Fridays' rally and close has produced a dogi; and could possibly indicate a reversal ahead. Resistance is still around 132.50/60 (the last swing high) and 133.80/134.00 levels. It would be recommended to initiate 50% short positions on bearish signal appearance on smaller timeframes at the moment, against 132.50/60 levels. Initial support is at 128.00 level at the channel. Looking for a turn around here.

Trading recommendations:

Sell 50% capacity now, and remaining on a channel break, stop is above 1.3250/60, and target is open.

Good luck!