Technical outlook and chart setups:
The EUR/JPY pair is printing marginal lows since last few trading sessions as seen on the 4H chart view here. The pair dropped lower to 120.35 levels yesterday before pulling back higher and is seen to be trading at 120.90 levels. Please note that the pair is bouncing of the sloping triangle support trend line that connects April 2016 lows. The wave structure reveals that a highly probable wave setup should be on the north side from here. It is hence recommended to remain long now, with risk below 120.30 levels. Immediate support is seen at 120.30 levels for now, while resistance is at 122.50/60 levels respectively. Bulls are expected to remain in control till prices stay above 120.00 levels broadly.
Remain long now, stop is below 120.30, target is open.