Technical outlook and chart setups:

The EUR/JPY pair is seen to be
trading at 116.00/10 levels at this moment, after having reversed from 114.50
levels earlier. The pair has since traded flat and there is no major structural
changed for now. Please note that the expanded flat structure seems to have
terminated at 114.50 levels and the pair is now expected to rally towards fresh
highs above 118.50 levels going forward. The wave structure also reveals that
the pair had unfolded into 5 waves from 109.50 levels (not seen here) and has
now unfolded as a flat retracement towards fibonacci 0.50 levels at 114.50. It
is hence recommended remain bullish from these levels and also on dips towards
115.00 levels, with risk below 114.50. Immediate intermediary support is seen
at 114.50 levels, while resistance is at 117.50 levels respectively. Bulls are
expected to remain in control till prices stay above 114.50 levels.

Trading recommendations:

No change. Remain long now, stop
below 114.50, a target is open.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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