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Forex: Look to get long EUR/JPY into support levels – 2nd Skies Forex

FXstreet.com (Barcelona) - The EUR/JPY traded in a fairly narrow range, but managed to close slightly higher on the day up 24 pips at 132.10. Some analysts believe the pair has further upside potential and the next leg up may just be starting.

According to Chris Capre of 2nd Skies Forex, “The JPY pairs look set to continue their uptrends, with every one last week breaking through the yearly highs, and now holding well above them. Amongst them, the EURJPY has shown strength in maintaining the air above the former resistance level, most consolidating, suggesting no real sellers have stepped in. I do not expect any serious selling to emerge now that the stops have been tripped on the clearing of the former resistance level."

He wenton to add, “I will look for a pullback setup towards this role reversal level at 131.12 to get long and rejoin the uptrend. The line of least resistance is up, and there are many layers below to support the pair, so look to get long into support levels, targeting 134 and 135.91 which go back to 2009 key swing highs.”

Session Recap: USD weakens, Yen strengthens

USD slipped from the 83.20 level of USD index to below the 83 round in early Tokyo trade, taking EUR/USD up with it to fresh session and week highs at 1.3025, USD/JPY to fresh weekly lows at 101.34, USD/CHF to fresh weekly lows at 0.9520, AUD/USD to session highs at 0.9993, and NZD/USD to session highs at 0.8291.
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