Intraday trading analysis (tips) for EUR/JPY 30 March 2011, we recommend, Enter long in EUR/JPY above 116.75 for target of 117.15 and 117.55 also place protective stop loss below 116.5.
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 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 117.15, so trading in the direction of the trend we recommend to trade long on this pair.