FX.co ★ EUR/JPY Intraday Technical Analysis & Trade Recommendation December 20, 2011

EUR/JPY was moving sideways during the last few days inside a narrow consolidation range.

Today we had a quite strong bullish breakout of the 3 three movement channels indicating a bullish opportunity.

Level 101.70 which is the upper limit of the broken channels & broken previous congestion zone upper limit will be a good LONG intraday entry.

TP should be at 102.00 then 102.40 with possible further targets & SL should be placed below 101.40.

VIOLET CHANNEL represents Yesterday's movement.
BLUE CHANNEL represents the last 2 days' movement.
YELLOW CHANNEL represents the last 3 days' movement.