The EUR/JPY pair is moving inside our captured ascending channel, where it is currently its support line as seen on the provided four-hour chart. This channel organizes the bullishness that started at 107.25 zones, where our proposed IM wave started and we believe that the first internal wave of the bigger fifth has completed yesterday around 110.80 and thereby the present movements could represent the 2nd internal wave. Consequently, potential upside move could be seen over intraday basis and it will be confirmed once the pair breaches 110.50 zones again.
The trading range for today is among key support at 107.25 and key resistance now at 112.80.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support109.45109.05108.50108.00107.60Resistance110.50110.80111.35112.10112.80RecommendationBased on the charts and explanations above our opinion is, buying the pair around 110.00 targeting 111.95 and stop loss below 108.50 might be appropriate.