The EUR/JPY soared directly towards our yesterday's defined technical objective at 111.95 after being supported around the lower line of the bullish channel. The pair still has upside targets to be reached in order to complete the suggested IM wave,targeting 112.80 and might extend further towards 113.60 zones. To conclude, more bullishness is still in favor over intraday basis.
The trading range for today is among key support at 109.45 and key resistance now at 114.75.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support111.35110.80110.50110.00109.45Resistance112.10112.85113.60114.00114.75RecommendationBased on the charts and explanations above our opinion is, buying the pair around 111.35 targeting 113.20 and stop loss below 109.95 might be appropriate.