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Technical analysis of EUR/JPY for May 26, 2016

Technical outlook and chart setups:

The EUR/JPY pair formed a low yesterday at 122.25 level as expected before pulling back sharply. The pair is seen to be trading 122.70 level for now, and seems to have formed a meaningful bottom at 122.25 level. Though the wave structure is still inclined towards a bearish mode, till prices remain below at least 124.00 level, the recent move might be hinting towards a bullish reversal from the current levels as well. It is hence recommended to remain flat for now OR aggressively long, with risk below 121.40. Immediate support is seen at 122.25 level, while resistance is at 124.00 level respectively.

Trading recommendations:

Remain flat or aggressively long, with stop at 121.30.

Good luck!

The material has been provided by InstaForex Company -