Pick of the Day: EUR/JPY

We have a great looking chart on EUR/JPY. The euro has been making new all time highs against the yen, but when’s it going to end? Again, who knows? The Eurozone economy has been getting better and better, and the ECB has inflation concerns on their mind. We don’t have any news reports coming out of the Eurozone or Japan, so we’re looking to jump in the trend and hopefully ride it on up. My only concern is on the daily chart we are seeing the MACD creep lower and lower as EUR/JPY prices rise. Bearish divergence? We’ll just have to keep an eye out and manage our stops well. Here’s a couple of long ideas:

Long EUR/JPY at 148.75, stop at 148.55, pt1 at 148.95, pt2 at 149.25

Long EUR/JPY at 147.70, stop at 147.50, pt1 at 147.90, pt2 at 148.25

Good luck and good trading!