It seems that the market is presently preparing for the retest action for the previous broken uptrend line-support line of the rising wedges as seen on the provided four hour chart. After this retesting action, the pair might move downwards, affected by the bearishness of this continuation pattern, which still has a scientific technical objective to be reached. From here, we hold onto our negative predictions over intraday basis. For a deeper classical outlook over bigger timeframes, we recommend reviewing EURJPY Classical report.
The trading range for today is among key support at 108.40 and key resistance now at 114.25.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 111.60 targeting 109.45 and stop loss above 113.20 might be appropriate.|