FX.co ★ EurJpy Hits First Measured Extensions At 121.00 And Above. Reduce Risk

Technical Outlook and Chart Setups:

As depicted on the daily chart view here, the single currency pair has rallied past the lows near 119.00 yesterday, towards 122.00 level. At the moment it seems to be retracing/consolidating gains and preparing for another upswing rally towards 122.50/123.50. It is recommended to hold on long positions taken earlier and plan to buy further on dips as well. Immediate support is the 118.80 mark, followed by 117.00 and 116.00 respectively. Resistance shall be met between 122.20/30 and 123.50. One can reduce positions (50%) around those levels.

Trading Recommendations:

Hold on to long positions, buy further on dips, move stops to 118.50 (from 117.00), target 123.50/124.00.

Good Luck !