FX.co ★ EurJpy Bounces Off Trendline, Take Profits For Now

Technical Outlook and Chart Setups:

As depicted above, the single currency pair bounces right through the trend line support producing a Morning Star. We need to respect this fact and, therefore, a safe trade recommendation would be to book profits on shorts taken earlier. At the same time, it is needed to be observed that immediate resistance is still not broken at 101.00 level; so it would be pre-mature at this moment to assume that prices are headed northwards. At this point, we would wait to see a resistance break or trend line break to re-enter.

Trading Recommendations:

Flat for now. Take profits.

Good Luck!