Pick of the Day: EUR/JPY

Today’s pick on the EURJPY. We have several economic reports coming out of the E-12 region and today’s entries should take advantage of any breakouts from any surprise news reports.

I will go long with a break and candle close above the R2 line and 100 SMA. Going for 10 pips as usual and my aggressive profit target will be 139.32. My stop will be 20 pips below the R2 @ 138.65

If the pair breaks to the downside I will short with a candle close below the 50 SMA and pivot point. After 10 pips, my aggressive target is approximately 137.50.