EUR/JPY: Bullish, But Vulnerable To A Pullback - Jeff Pierce

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EUR/JPY: Bullish, But Vulnerable To A Pullback 0 comments

Mar 11, 2013 6:20 AM

by Mike Ber
The following is an excerpt from yesterday's update posted around 1pm PST on ForexAlerts.ca and these levels will be in play when the currency markets open Sunday night. There are 5 pairs covered every day for members.
EUR/JPY - currently trading @ 124.25
Bias: Bullish - Neutral
Commentary:
We mentioned in our last report 124.662 as being the next level of resistance. Now that the pair has reached our target and has broken above our upper range the next levels to watch on the upside are 126.831 and 127.918.
The new range is 122.997- 126.831
The level of 127.606 is a previous high, and until we make a new high we will stay a little bit neutral. The pair is still at risk to some degree for a pullback. Our pullback level is 122.997. The figure will be a good opportunity to add to longs or open long positions, it should bounce there. If it doesn't, then 120.294 is our next level of support.
No events scheduled until the end of the week.

Themes: Currencies, EUR/JPY

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