Technical outlook and chart setups:
The EUR/JPY pair seems to be looking for an opportunity to form a base around 131.30 in the H4 chart moving higher through at least 134.25. Please note that a rally through the intermediary resistance line is still possible (above 136.00). At the moment, the pair is trading around 132.10/20. It is expected to turn bullish. It is still recommended to initiate long positions with risk at the level of 131.00. Immediate support is seen at 131.30 (interim), while resistance is seen at 134.25. Bulls are expected to be in control until prices stay broadly above 131.30.
Stay long now, stop is at 131.00, targets are at 134.25 and 136.00 .