Pick of the Day: EUR/JPY

Here’s a one hour chart on EURJPY. Tomorrow morning at approximately 5:00 am EST the E-12 Consumer Price Index report is coming out. I’m looking for support and resistance in the areas pointed out at the chart.

On the resistance side I like a sell order at 142.05 with a stop at 142.25. Going for 10 pips first and then 142.65 as my second profit target. On the buy side, I’m looking to place an entry an entry order near the 61.8% Fib line and Pivot point at 141.50. My stop order is 141.30 with an initial profit target of 141.60, and my second profit target is 141.90. Good luck and good trading!