Intraday trading analysis (tips) for EUR/JPY 29 April 2011, we recommend, Enter long in EUR/JPY above 120.75 for target of 121.15 and 121.55 also place protective stop loss below 120.55.
Reason to trade long: EURJPY was on uptrend and we see a good buying opportunity due to strong EURO. EURO has been showing some strength and is more likely to continue the current uptrend to test its next resistance level. RSI support the up move and is in favor of the trade on 4 hour chart. So we can see the pair to strengthen further and move towards its next resistance level which is at 121.15, so trading in the direction of the trend we recommend to trade long on EUR/JPY pair.