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Technical outlook and chart setups:
The EUR/JPY pair remains unchanged and continues to consolidate at the moment. It still looks to be in its wave 4 of the 5 wave's decline that resumed from 118.45 level earlier. As an alternative though, the pair could push towards 116.00 level before reversing lower. The pair is trading at 114.55 levels now, facing fibonacci 0.382 resistance as depicted here. The wave structure remains unchanged for now and indicates that EUR/JPY has carved out a lower high at 118.50 level as seen here. At this moment the pair looks to have terminated wave 4 already, within its drop from 118.50 level. Bears are expected to remain in control till prices stay below 115.50 level going forward. It is hence recommended to remain short now with risk above 115.50 level. Immediate resistance is seen at 115.00 level, while support is at 112.25 level respectively.
Trading recommendations:
Remain short now; stop is above 115.50, a target is open.
Good luck!
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