Technical Outlook:
EUR/JPY rallied at the last trading session like we expected.
Looking at a 4 hour timeframe we see that the single currency is setting up to continue further. Intermediary support is at 106.30 and strong support is provided by 104.00. Intermediary resistance is at 108.00 and we expect it to be broken in 1-2 trading sessions. It is suggested to remain long for now.
Chart Setups:
Looking into above chart setups, it seems that a higher bottom is formed at 106.30. Prices may be poised to extend its 3rd wave rally, extending towards 109.30 and above. Stops should go at 104.00 for now. Overall structure remains constructive at the moment.
Trading Recommendations:
Hold on to long positions, stop at 104.00 and target at 109.30.
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