Trading Scenario: EURJPY Bulls stayed firm on 135.35 critical support and bounced of that yesterday and made high of 114.18. EURJPY is now targeting towards new highs. EURJPY still travelling in short term bullish channel and now trading above 113.35 critical support.
Our scenario on this pair clearly bullish above 113.00 to 113.35 region. As long as EURJPY trades above 113.00 to 113.35 we will look to buy this currency at support levels.
Now EURJPY has support at 113.70, aggressive traders may go long from here, but to give us a good risk to reward trade is to go long at 113.35 level.
Important Note: 113.00 to 113.35 is a critical support level to watch on this pair.
Entry Strategy: 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 at 113.35 to 113.70 levels targeting 114.00, 114.70 followed by 115.70
Weekly Trend Direction: Bullish
Weekly Trend Reversal Level: 112.00
Key Support Levels: 113.35, 113.00, 112.00, 112.50, 111.00, 109.00, 108.00
Key Resistance Levels:113.30, 114.78, 116.50, 119.08