06.11.201406:37 Forex Analysis & Reviews: Intraday trading recommendations on EUR/JPY for November 06, 2014

Traders eye today's major event - the ECB press conference. This time we are not expecting further easing in the EU. In case, if the same thing happens, the Euro will recover against the Yen. Today traders eye the BOJ monetary policy meeting minutes. EUR/JPY has been trading on a highly bullish note for 4 weeks. The cross edges higher for the 6th consecutive day. The cross has parallel resistance between 143.44 and 143.78. In yesterday's session the pair exactly touched the 143.44 levels aiming for 143.78. We can expect strong momentum only above 143.78 levels. In the weekly and monthly charts the cross gave an upside breakout. As of now, today the cross is trading at 143.19 levels. After a huge spike, the prices are corrected well and again moving higher levels. We expect the prices will move again towards 143.40 and 143.50 levels, maybe even 143.70 levels. We recommend speculative buying at a market price of 143.15. The pair will face selling pressure below 143.00 levels. This recommendation involves high risk. The intraday support exists at 143.20, below this, 142.80 levels. Ahead of the major event, we expect high volatility in intraday session. Strong rising looms above 143.78 on a weekly closing basis. In case, if the cross sustain above 143.80 it can go up to 144.00 and 144.50 levels.

Trade:

Buying at a market price of 143.15 with sl 142.80 for targets at 143.50, 143.70, 144.00 and 144.50 (above 143.80 only next upswing)

Selling between 143.80 and 144.00 for targets at 143.20, 143.00 and 142.80- High risk