FX.co ★ EurJpy Threatening To Break Higher. 108.00 Is Resistance

Technical Outlook and Chart Setups:

The single currency pair rose past the 107.00 level threatening a break higher. At the moment it will be considered as a test and it is recommended to initiate short positions. The risk/reward ratio is good at the moment. Resistance is at 108.00 level, while intermediary support is at 105.20/30 levels followed by 104.00, 103.00, and 100.50. As it is depicted on the chart, at least 104.50 level should be expected in the short term; 108.00 should hold well.

Trading Recommendations:

Hold on to short positions taken earlier, build further short positions, move stop loss from 107.50 level to 108.00 (50 pips higher), and target is at 104.50.

Good Luck!