EurJpy Threatening To Break Higher. 108.00 Is Resistance
Technical Outlook and Chart Setups:
The single currency pair rose past the 107.00 level threatening a break higher. At the moment it will be considered as a test and it is recommended to initiate short positions. The risk/reward ratio is good at the moment. Resistance is at 108.00 level, while intermediary support is at 105.20/30 levels followed by 104.00, 103.00, and 100.50. As it is depicted on the chart, at least 104.50 level should be expected in the short term; 108.00 should hold well.
Hold on to short positions taken earlier, build further short positions, move stop loss from 107.50 level to 108.00 (50 pips higher), and target is at 104.50.
The material has been provided by Instaforex Company – instaforex.com