FX.co ★ EUR/JPY rally to extend; 124.00 in sight (March 1, 2013)

Technical outlook and chart setups:

As seen in the 4H chart, EUR/JPY seems to have formed base at the following convergences:

1. Fibonacci 0.786 support. 2. Fibonacci 61.8 extensions of the downswing (127.90-124.00). 3. Past resistance turned support region. Looking into the above-mentioned facts, it is recommended to hold on existing long positions and look to add further (now) as well. Intermediary support is at 118.70/80 followed by 117.00 and 116.00 respectively. Resistance will be strong near 124.00. Looking higher for now. 118.70 remains key for bears to take further control.

Trading recommendations:

Hold on to long positions taken earlier, stop at 118.50, target 124.00.

Good Luck!