FX.co ★ EurJpy Reacts Around 101.30/50 Levels. Short Term Buying Opportunity Persists.

Technical Outlook and Chart Setups:

The single currency pair came a little bit lower (102.10/20), than we had expected and discussed yesterday (101.50). Furthermore, the pair has produced a Morning Star pattern. It indicates that a bullish bounce is possible at least for a short-term period, towards 102.50 level if not higher. Therefore, it is recommended to buy intraday dips, at least keeping the short-term view in mind. Good support shall be provided around 100.00 region, while intermediary resistance is at 102.20/30 levels. Look higher from here.

Trading Recommendations:

Buy intraday dips (101.30/40). Stop at 100.75. Target 102.50.

Good Luck!