EUR/JPY Setting Up Below 97.00 – Technical Analysis and Trading Recommendations
Technical Outlook and Chart Setups:
We have depicted the daily wave structure above. It is quite possible that C is in place at the 111.00 level, which is the 0.618 level of A (117.00) and B (97.50) levels. The new channel resistance is holding well and prices have broken down 110.50 levels as well. The last intermediary support level comes in around the 100.15 level. A bounce from there can still change the wave structure to bullish, but a break will then target below the 97.00 level as our D extension. As of now one can still remain short for one more day, though our expected downside targets have been met, bring down the stop loss risk to 102.00 now.
Tradign Recommendations:
Sell at 104.00/104.25, stop at 105.50, targets achieved at 100.50. Still holding short positions with stop at 102.00 now.
