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EUR/JPY Continues Higher- Nov. 15, 2012

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  • 15 November, 2012 GMT

By: DailyForex.com

The EUR/JPY, along with all of the JPY crosses is climbing shortly after traders in Tokyo return from lunch. At time of writing, around 1:15PM in Japan, the EUR/JPY has begun another wave upwards, smashing yesterday's high by at least +30 pips and appears to have the full cooperation of the Bulls to help push the pair even higher. Resistance is strong at 102.785 with both the Weekly R1 and Daily R1 converging at exactly the same price. This has been a tough level for the pair to crack from both sides of the fence as far back as October 2011 and very recently as well. The bulls will need to break this zone to continue higher, but might have a rough road ahead. If they are successful then 103.41 will likely be the next target as the high set exactly 1 week ago and the Daily R2 converge here. Beyond that, and if the Japanese PM has his way then we will likely see this pair continue to climb with 105.37 and 107.40 being the next most likely targets and key resistance levels. If price fails to break above 102.80 we will probably see the pair fall back to 101.60 (Weekly Pivot) and find support again at 101.20. 100.56 & 99.80 will be deeper support for the pair, but not likely to be tested this week.

EURJPY 111512

Happy Trading!

Colin Jessup

Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.

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