Long-term – The EURJPY has been trading in a range in between 129.54 and 116.71 for a while now (since late October last year). It had its chance to break below that level, in fact, the market traded for 4 straight days below 116.71, but now, seems like bulls are taking control of the market and are starting to push the market up.
Short-term – Right now the market is trading at 116.84, and it’s most important level at the moment is 116.70. If the market keeps trading above that level, the chances are that the EURJPY will move back up to the top of the long term range (at least 128.48). So we will be looking for long opportunities as long as the market keeps trading above 116.70.
All take profit orders will be placed around the top of the range (128.48) and SL orders will be set based on the short term charts.
Tags: EURJPY Analysis