Technical outlook and chart setups:
1. EUR/JPY stopped us out at 141.00 yesterday; nonetheless, the setup still favors counter trend rally towards 143.50/75 at least. Aggressive trade setup would still be to initiate long positions with risk at 140.00, while conservative approach would remain flat for now.
2. Immediate resistance is at 143.00, followed by 145.50, while supports are spread through 140.50 (intermediary), followed by 138.50, 134.00 and lower.
3. Structure reveals that the fall from 145.50 is in 5 steps, hence according to Elliot Theory a 3 wave correction is possible towards 143.50/70, before continuing further down.
Trading recommendations:
Go long, stop is at 140.00, target is 143.70.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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