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EURJPY Technical Analysis for November 13, 2015

Chart setups:
The 4H view presented here, shows that EURJPY has tested its resistance turned line at around 131.50 levels yesterday and bounced off sharply. This could be the beginning of an extended rally towards 133.80 and 134.30 levels respectively, if not higher. Kindly note that 131.30/40 levels need to hold good for the above structure to unfold. Prices may correct towards 132.00 levels again before pushing higher, providing opportunities to go long again. Also note that the push towards 134.30/40 levels could well be considered only as a counter trend rally as of now. Prices need to exceed 136.50/137.00 levels to confirm that the larger trend has reversed on the higher side. Immediate support is seen at 131.30/40 levels while resistance is seen around 133.20/30 for now.
Trading recommendations:
Long now, stop at 131.00, target 134.30.
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