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15.10.2012 12:00 PM
EurJpy Remains Constructive For Now. Stay Long

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Technical Outlook and Chart Setups:

The single currency pair remains well bid around 101.00. It looks like a higher low has been formed earlier today around the same level (101.00), and prices are poised to break higher from here on. Furthermore, as depicted above, prices are in a cone shaped consolidating pattern since 99.50 level. A breakout (expected on the north side) will quickly take prices to fresh highs above 104.00 levels. 100.00-100.50 area is strong support now, while resistance starts at 102.00 and extends till 103.00. Bullish for now.

Trade Recommendations:

Stay long for now (from last week), stop below 99.50, and target open.

 

Good Luck!

Summary
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