FX.co ★ EurJpy Short Term Bullish Opportunity Seen Towards 102.00 Levels...

Technical Outlook and Chart Setups:

Yesterdays' rally towards 101.00 level might be indicating that a near-term bottom is in place at sub 100.00 level. It is quite possible that prices retrace towards the 0.618 level of the drop from 104.00 to 99.50, which is placed at 102.20 level before deciding to go further down. Now intermediary support shall be provided by sub 100.00 level. It remains to be seen now, whether a follow-up rally materializes or not. On the flip side, if sub 100.00 level is broken down, momentum shall again shift towards 98-97 levels.

Trade Recommendations:

Flat for now. Buy intraday dips towards 100.00 level, stop at yesterday's lows, target 102.20 level.

Good Luck!