EUR/JPY: Expect Another Move Higher
EUR/JPY has hit our short term target of 132.20 and all long positions should have been covered. Now the important point to note is that the pullback has been contained by our 131.49/40 support and therefore we can see another move higher this session.We see 132.20 as another important goal. I think we can break this resistance this time around and look for 132.61 which is the first med term Fib level. Now we should see some profit taking her. But only if we exceed 132.80 would we be back in the bullish frame of mind, and looking for 133 initially then 133.41/45.Another failure at 132.20 leaves us looking a bit under pressure, but again our 131.49/40 support is expected to hold. Buy down here, keeping stops below 131.15.