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29.10.2012 04:15 PM
EURJPY At Past Resistance Level

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Technical Outlook and Chart Setups:

Till now, the measured resistance at 104.20/30 levels have played out well. No doubt, a small stop was triggered last week while going long. Nevertheless, the single currency pair is again wanting to establish support around the past resistance region. Strong Fibonacci support will be offered around 101.80. Looking into the risk/reward ratio, it is recommended to build long positions between 101.50-102.00. If the support trendline breaks, we shall think about selling the pair considering that a top may be in place around 104.50. By the time prices are above 101.50, 104.75 remains a possibility. Buy on dips.

Trading Recommendations:

Buy 50% now (around 102.50/60) and 50% in the range 101.50 to 102.00 (if prices reach the level). Stop at 101.00. Target 104.75.

Good Luck!

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