FX.co ★ EUR/JPY can be Bought on Dips Towards 123.00-124.00

Technical Outlook and Chart Setups:

As seen on the 4H chart here, the single currency pair formed a base around 122.20/30 levels and rallied past the 125.00 region in the past trading sessions. A push through 126.00 region now would confirm that further upside is due in coming weeks. Immediate resistance is just around the 126.00 region followed by 127.00 and 127.90; while support is at 121.00 levels respectively. At the moment, prices seem to be testing the backside of the uptrend line and hence it is recommended to re-enter buying on dips (probably after 126.00 levels are taken out).

Trade Recommendations:

1. If bought earlier, please book profits now.

2. Enter fresh long positions between 123.00 and 124.00 after 126.00 is taken out, stop is at 121.00, target is open.

Good Luck!