Pick of the Day: EUR/JPY

(Click on chart to enlarge)

EURJPY is in a short term down trend, so I’m going to look at a short play. I will short below the 100 SMA and pivot point right below 141.50. Stop above 50 SMA @ 142.37. Going for 10 pips of course, but my aggressive target is going to be 140.71.

If EURJPY decides to keep going up I will go long above the R3. Right below the 50 SMA as my stop. 10 pips is my first target, then 143.50 as my aggressive target.