FX.co ★ EurJpy: Consolidation continues. Breakout above 132.40

Technical outlook and chart setups:

The single currency pair remains under triangle consolidation for now, as depicted on the daily chart view. This seems to be probable last leg before a breakout. Resistance is lined up at 132.40/50, followed by 133.80/134.00; while support is seen at 129.00, followed by 128.00, 125.00 and 119.00 as strong support. It is recommended to remain long for now, with risk below 129.00 as suggested earlier. Also intraday dips ahead of 129.00 levels can be bought. A push through the 132.40/50 region again would confirm a bullish breakout towards fresh highs. On the flip side, a break below 129.00 level would bring back control to the bears.

Trading recommendations:

Remain long for now, stop is below 129.00.

Good luck!