As depicted above, the single currency had a rally towards 111.00 levels and broken through the previous resistance line. The fall from 111.00 levels is in the 3rd wave and extensions are pointing towards 102.00 levels. The EUR/JPY pair may rebound from those levels towards the new high above 111.00 levels. Presently a new channel line resistance has been formed and prices are expected to follow the line till downside objectives will have been reached.
Trade Recommendations:
Sell-deals are recommended between 104.00 and 104.50; Stop Loss at 105.50 with 102.00 and 100.50 seen as targets.
