Technical Analysis of EUR/JPY for June 02, 2016
Technical outlook and chart setups:
The EUR/JPY pair is seen to be trading at 122.20 levels after pulling back from 121.90 levels earlier. The wave structure indicates that the pair might be unfolding as an expanding triangle from 124.50 through 121.89 levels. It seems that it has completed its consolidation at the Fibonacci 0.786 support levels of the rally between 121.40 and 124.50 levels as depicted here. Therefore, bulls should be poised to remain in control till prices stay above 121.40 levels from here on. It is hence recommended to remain long from here, with risk at 121.40 levels. Immediate support is seen at 121.40 levels, while resistance is seen at 124.00 levels respectively.
Remain long now, stop is at 121.20, target is 126. 50 levels.