Technical outlook and chart setups:
The EUR/JPY pair reversed exactly from 124.5/600 levels as had been expected and discussed earlier. Please note that a significant engulfing bearish candlestick pattern is appearing to confirm a bearish reversal ahead.The pair backed off lower and is seen to be trading at 123.38 levels for now. Please note that all intraday rallies should remain well capped below 124.60 levels. It is recommended to remain short now, with risk above 124.60 levels. Immediate resistance is seen at 124.60 levels, while support is at 122.50 levels respectively. On the flip side, a push above 124.60 and the trend line resistance would change the existing bearish view.
Remain short now, stop is at 124.60 levels, target is open.