FX.co ★ EurJpy Rallies Past 107.00. Still Room Left For Upside Extensions

Technical Outlook and Chart Setups:

The single currency rose past the 107.00 level before pulling back during the early trading session today. It is strongly recommended to consider these retracements (intraday dips) as fresh opportunities to go long again. Immediate support is at 105.50 level followed by 104.00 region. Resistance will be strong around the 108.00 mark. Fresh long positions can be taken on intraday dips towards 106.60/70. This rally which begun from 100.00 level seems to have some more room let before a meaningful pullback. Looking higher from here on.

Trading Recommendations:

Hold on to long positions taken earlier (100.00 region), book partial profits at each high registered, move stop from 104.00 to 105.00, and target is at 108.00.

Good Luck!