Intraday trading analysis (tips) for EUR/JPY 28 April 2011, we recommend, Enter long in EUR/JPY above 121.15 for target of 121.45 and 121.75 also place protective stop loss below 120.85.
Reason to trade long: JPY was on downtrend and we see a selling opportunity on JPY. 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 daily chart. So we can see the pair to strengthen further and move towards its next resistance level which is at 121.45, so trading in the direction of the trend we recommend to trade long on this pair.