Pick of the Day: EUR/JPY

We see the euro trending higher against the yen in the past few weeks on the back of positive economic reports out of the euro zone. The pair has hit the top of the channel drawn, so I’m looking to enter long with the trend with a retracement down at the bottom of the middle channel lines, approximately at the 78% fib retracement. We may see some volatility later in the day with E-12 retail PMI, Retail Sales, and Germany factory orders, so please be cautious during those times. Here’s a long trade idea to get back in the trend:

Long EUR/JPY at 144.76, stop at 144.46, pt1 at 144.98, pt2 at 145.24

Good luck and good trading!

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