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EURJPY Sitting Under Major Resistance | Nov. 19th

EURJPY
After having an impressive run, climbing over 400+pips in the last week, the EURJPY is now sitting under critical resistance at 104.50 which is a double top level and a 6-mos high for the pair. Considering how fast and impulsively it got here, I would not be excited selling just yet, but the level offers plays for both sides.

For those looking to sell, watch for price action reversals signals on the 4hr chart along with some weakening heading into the level. If this plays out, a sell order around the level targeting 103 and 100.50 could yield a handy profit.

For those looking to buy, you'll want to wait for a breakout-retest setup above the level before going long as this may want to continue its upside assault - so plays for both sides.

Upcoming Economic Announcements:

 

 

AUD Reserve Bank Board Minutes 19.30EST
EUR German Producer Prices (YoY) 02.0EST
USD Housing Starts 08.30EST
EUR Euro-Area Finance Ministers Meet on Greece 11.00EST
USD Fed Chairman Bernanke Speaks at Economic Club of New York 12.15EST
AUD Westpac Leading Index (MoM) 18.30EST