EURJPY- With the cross resuming its medium term uptrend, further offensive is likely in the days. This development now leaves the cross targeting the 107.99 level followed by the 108.50 level. Its daily RSI is bullish and pointing higher supporting this view. Support comes in at the 106.10 level and then the 105.00 level. Further down, support is seen at the 104.58 level. A reversal of roles as support is likely to occur and turn the cross higher. All in all, the cross remains biased to the upside medium term.
I’ll look at waiting for next week and buying the dips, it served me well this week… but having no crystal ball my jury is out until we get to next week!
Definitely the daily trend is up and buying dips at this stage is the smartest thing to do. I just think we are reaching a good resistance level, weekly down trend line and the move looks a little bit overextended. i hope my trade will give something above 150 pips but with the yen you never know.
