After a sharp downwards movement inspired by the Irish debt crisis and the tensions in Korea, the Euro/Yen pair, its fall is braked by the support level of 110.50, is expected to recover that may return it to its previous high of 114.50 Yens per one Euro.
Since the pair is currently trading around the middle range between the 110.50 support level and the 112.00 resistance level, it is best to make the entry into a buy deal conditional on a retreat towards the level of 112.70 or a breach of the level 112.00. The exit goal maybe position relatively to the meaningful resistance level around 114.80.
