FX.co ★ EurJpy Poised To Rally Further Up, After Pulling Back. 113.00 Is Immediate Support

Technical Outlook and Chart Setups:

The single currency pair is pulling back/retracing at the moment. Immediate short-term support is at 113.00 level followed by 111.00 and 109.50 on the lower side. A weekly chart has been depicted here for more clear swings; and the next lined up resistance is at 117.00, followed by 122.00. It is recommended to keep the trade strategy to buying dips, but short-term traders can go short as well.

Trading Recommendations:

Hold on to long positions taken last week, stop is at 113.00. If stop loss is triggered today, we shall look to buy lower.

Good Luck!