Short term trading analysis (tips) for EUR/JPY 1 June 2011, we recommend, Enter long in EURJPY above 116.65 for short term target of 121.75 and 125.85 also place protective stop loss below 115.65.
Reason to trade EURJPY long: The 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 of 121.75. RSI support the up move and is in favor of the trade on weekly chart. So we can see the pair to strengthen further and move towards its next resistance level which is at 121.75, so trading in the direction of the trend we recommend to trade long on EURJPY pair. This can be a solid trading opportunity for the traders trading in the weekly time frame.