Technical outlook and chart setups:
The EURJPY pair has inched higher from yesterday and is trading at 113.38 level at this moment, but it still looks to be confined within sideways movement. According to the wave structure, after the huge drop last week from 122.00 to 109.00 levels; a sideways movement was already expected and it might continue for a few more sessions. It is hence recommended to trade keeping short-term goals in sight and book profits from long positions taken yesterday. Please note that a push through 115.70 and subsequently 117.00 cannot be ruled out yet. Immediate support is seen at 111.40 level, while resistance is at 115.70 level respectively. Bears should be back in control from 115.70 levels going forward.
Trading recommendations:
Book profits on long positions taken yesterday and remain flat for now.
Good luck!
