FX.co ★ EUR/JPY Buy Above 106,70 November 02, 2011 (Daily Strategy)

EUR/JPY

The pair euro-Japanese yen ascended in an incisive way up to 111.50, about the third weekly resistance, today it quotes over the weekly pivot point. In the daily graph we can observe that the pair still maintains its upward trend.

Therefore, due to the current price are so near the point of support in the trend line, It is suitable to consider the adoption of long positions and to buy in the short term up to the last point of resistance about 111.50. The blue line of the moving average of 200 meetings also shows that in this level there is a strong resistance.