FX.co ★ EUR/JPY

Hello traders, Yen pairs, including EURJPY, provided an opportunity to enter long positions at lower levels today. I even opened buy orders after the market opened, although I haven't traded yen pairs for a while. I closed the purchases earlier in the day, but I realize that I might have acted too quickly; the uptrend remains valid. It's better not to play too much with the yen, as it can surprise at any moment. Currently, the bulls have reached the next obstacle near the levels of 184.00-184.20. A breakthrough above will pave the way to 184.75, 185.15, and 185.55. After a successful break above 185.55, the growth may continue towards 186.70 and 187.50, with a bit more to go up to 190.00. I still do not consider selling EURJPY. A pullback is possible within the correction, but trading against the trend is a risky business, especially in yen pairs. From current levels, a retracement to 183.55-183.40 is quite possible, and upon a bounce, one can try buying again. A consolidation below 183.40 will allow sellers to push down to 182.80-182.60 again, which is even better as it would enable opening a buy order at a more favorable price.