Trading Scenario: Yesterday EURJPY dropped down to our sited support level 113.35 and bounced off initial to 113.70 level and was not able to sustain above that.
Finally EURJPY fell back to support at 113.35 and broke below that level. Now it is currently trading just below that 113.00 to 113.35 level and finding hard to break 113.00 to 113.35 resistance level now.
Our scenario is still the same from yesterday, we will look for a break above 113,35 and if price was able to sustain and bounce of those level , we will be looking to buy EURJPY targeting 114.00, 114.70 followed by 115.70
Important Note: 113.00 to 113.35 is a critical resistance level to watch on this pair.
Entry Strategy: Buying dips in an uptrend at support levels while market trades above our weekly trend reversal level which is at 112.00
Trade Suggestion: Our suggestion is to go long after the break of 113.35 targeting 114.00, 114.70 followed by 115.70
Weekly Trend Direction: Bullish
Weekly Trend Reversal Level: 112.00
Key Support Levels: 112.50, 112.00, 111.00, 109.00, 108.00
Key Resistance Levels: 113.35, 113.00, 114.78, 116.50, 119.08