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Technical outlook and chart setups:
The EUR/JPY pair is seen to be trading lower today at 117.60 levels, looking to drop lower forming yet another low before turning bullish. Yesterday, we presented a long-term weekly chart setup, while today we will have a closer look on the 4H chart setup. The wave structure depicted here indicates that the pair is facing channel resistance at 118.50/119.00 levels and is expected to drift lower at least in the short term. Please note that the previous rally from 115.50 through 119.00 levels was corrective in nature (3 waves) and reversed from 119.00 levels (channel resistance). Therefore, the probability still remains for another low around 115.00 levels before turning bullish again. It is hence recommended to exit long positions and remain flat for now waiting for further clarifications on the chart. Immediate resistance is seen at 119.00 levels, while support is at 115.50 levels respectively.
Trading recommendations:
Exit long positions taken yesterday and please remain flat for now.
Good luck!
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