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11.12.2012 10:29 AM
EurJpy Short-term Rally Targeting 107.10/20 Levels

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Technical Outlook and Chart Setups:

The single currency pair seems to be in a 3 wave correction from the fall that begun recently from 107.90 level. At the moment it is probably constructing the wave 2, which is towards 107.10/20 levels within 3 waves correction. The third wave is expected to end near 105.00 region, re-enforced by past support as well. In short, the trend is up and it is recommended to buy aggressively around the 105.00/50 mark. Current long positions should be closed around 107.00 level for short-term trading. Immediate resistance will be around the 107.10/20 levels, while support is around the 105.00 mark.

Trading Recommendations:

Exit the current long positions taken at 107.00.

Good Luck!

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