Tonight I bought EUR/JPY @ 110.50 with a TP 111.14 and SL 109.95.
Price action on the 4 hour chart tells me that the pair is ready for a bounce with 110.25 support holding well and the RSI almost bottoming out. On the hourly chart the price is over the 100EMA and the RSI is in oversold territory which is another bullish signal. 110.25 is key support. if it fails than 109.40 may come into play fairly quickly. By the looks of the technical picture this pair is pretty bullish, but then again it is December so lets keep our fingers crossed.
The shorter timeframes have been mildly bearish tonight but I'm not going to bother analysing them any further, the bigger picture is clea enough. Just to be safe a 40- 50 pip trail might come in handy.
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