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07.01.2013 09:54 AM
EUR/JPY Inching towards Fresh Highs. 113.00 is Immediate Support

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Technical Outlook and Chart Setups:

The single currency pair has bounced off the lows registered on Friday around 113.60/70. At the moment, prices are re-tracing and expected to bounce back further up. Immediate short-term support is seen at 114.20/30 followed by 113.60/70 (Friday low) and 113.00. Intermediary resistance is at 115.90 followed by 117.90/118.00 and 120.00 plus. It is recommended to hold long positions taken earlier and also build further longs around current levels (114.30). Looking higher from here on.

Trade Recommendations:

Hold on to long positions taken earlier, stop @ 113.00, target at 117.80/90.

Good Luck!

Summary
Urgency
Analytic
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