FX.co ★ EurJpy Is Still Supported By Trendline. Look For A Bullish Bounce Here

Technical Outlook and Chart Setups:

As depicted above, prices are testing the trend line that offered support to the single currency. A bullish bounce here would change the outlook. Short-term timeframes are already suggesting/hinting a possible reversal from here on. Intermediary support is between 99.50 and 100.00 levels. On the flip side, a clear break would suggest further bearishness towards 98.00 level in the coming sessions. It is not recommended to go aggressively short at the moment since a bullish reversal is possible. Look out for opportunities to go long.

Trade Recommendations:

Book profits from the short positions taken earlier. Go long now. Stop at 99.10. Target open.

Good Luck!