FX.co ★ EurJpy consolidating. 131.75 support

Technical outlook and chart setups:

The single currency pair is consolidating/forming base at the following convergence depicted on chart view:

1. Recent support trend line.

2. Fibonacci 0.618 retracement of the latest upswing around 132.50.

3. Past resistance turned support region.

A bullish reversal signal appearance here, would warrant that the pair is heading towards fresh highs above 135.00 level. Immediate support is at 131.75, while resistance is at 134.80/135.00 respectively. Looking for a bullish reversal.

Trading recommendations:

Remain long, stop is at 131.50, and target is open.

Good luck!