Tonight I am buying EUR/JPY 111.00 with a TP 111.45 and SL 110.49.
110..70 was the last low on the hourly charts and the one previous to that was 110.50ish. This indicates that bullish pressure is rising and if 111.10 can be taken out then 111.50 is the next resistance zone. I am betting that it will because the 4 hour chart is showing 111.50 as the only resistance until past 112.00. On the other hand a break of 111.60 may bring 110.25 in a hurry.
The short term charts are showing 111.10 as pivotal with an uptrend appearing and 110 70 on the downside as the level to watch. so lets see if the bulls can break through this level or if waiting for the break higher should have been the way to go. A 20 pip trail should be used
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