Pick of the Day: EUR/JPY

We have seen the Euro rise against the dollar lately, but against the Yen it has been drifting lower and lower. Now we have potential volatility with the E-12 CPI coming out at 5:00 am EST. With the trend on the 1 hour chart going down, I’m looking for a short trade when it hits the top of the channel drawn, pivot point, and 50 sma. Now if we see a strong move down, I will look to go long from the S2 line.

Short EUR/JPY at 141.22, stop at 141.62, pt1 at 140.95, pt2 at 140.78

Or

Long EUR/JPY at 140.37, stop at 140.08, pt1 at 140.57, pt2 at 140.67