Pick of the Day: EUR/JPY

Without any significant economic reports tomorrow, I had to look for a purely technical play. Because of the lack of reports, I expect low volatility and range trading, but I think I’ve found a nice play in EUR/JPY. We’ve been watching the euro rising again and I think with a correction we can jump into this pair’s up movement at a nice price. Also, the 145.50 level was a previous resistance point on the daily chart, but the pair broke that this past week. Hopefully, it will act as a support now, so I will place my stop below that level. Here’s a long trade idea:

Long EUR/JPY 145.70, stop at 145.40, pt1 at 145.90, pt2 146.50