The EUR/JPY pair is still moving below the downtrend line of the short term basis, seen on the provided four-hour chart. The Elliott studies offer the probability that it is presently forming the second wave and therefore it might start a bearish wave over intraday basis. Areas of 125.50 should hold to keep our scenario valid.
The trading range for today is among key support at 120.55 and key resistance now at 126.10.
The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair from 124.15 targeting 122.40 and stop loss above 125.50 might be appropriate.|