FX.co ★ EurJpy May Spike To 104.70 Levels Before Pulling Back

Technical Outlook and Chart Setups:

As it was depicted above, the short-term support at 103.00 was broken yesterday. It is quite possible that the single currency pair rallies through the resistance area around 104.20/30; then a pullback occurs. On the other hand, a possibility still remains for a rally through 104.75 region before a meaningful reversal materializes. Either way, it is recommended to look for selling opportunities. Intermediary support is placed at 101.75, followed by 101.00 and 100.00 respectively. Resistance is placed at 104.50/60 at the moment.

Trade Recommendations:

Look for selling opportunities around 104.20/30 or 104.70 region, stop at 105.50. Target at least 102.00.

Good Luck!