EurJpy Bulls In Control Now. Change Strategy To Buy On Dips Trend News

Technical Outlook and Chart Setups:

We were stopped out yesterday at 108.00 level under the impact of bull run. The wave structure has been presented on the chart here. The next bullish favorable extension is now at 111.00 level. Resistance is also around the same level (111.00) and the bulls are now determined to take off the multi-month swing highs. Now immediate support comes at 106.00 followed by 105.00 and lower. The expected downswing could not materialize and hence it is recommended to change strategy to buying on dips. Looking higher from here on.

Trading Recommendations:

Buy 50% at current price, remaining on dips towards 108.50-108.00. Stop is at 106.00. Target is at 111.00 plus.

Good Luck!

The material has been provided by Instaforex Company - instaforex.com



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