FX.co ★ EurJpy: Resistance is seen at 121.50. Hold on to long positions

Technical outlook and chart setups:

A weekly chart view has been depicted here for a larger swing view. As seen here, the chart resistance is at sub 123.00 level, followed by 125.00 and higher; while Fibonacci extensions of the primary upswing between 94.00 and103/104 are pointing towards 121.50. Adding further to this scenario, the prices managed to convincingly push through the 120.00 intermediary resistance yesterday. Therefore, it is recommended to hold long positions for now; expecting further rally on the north side. Fresh long positions can be built on intraday dips.

Trade recommendations:

Hold on to yesterday’s long positions if profits were not booked. Initiate fresh longs for a target of 121.50.

Good Luck!