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The EUR/JPY pair fell during the Monday session, but managed to stay above the 100 handle. This area should represent a significant support, and as such we are willing to buy supportive candles. In fact, using a shorter-term charts such as the four hour time period could give an optimal buy signal assuming that we continue higher. If we do manage to break down below the 99 level though, we think this market breaks down and tries to find the lows again.
This is an extremely risk sensitive currency pair, and as such we need to see a "risk on" rally around the world in order to be comfortable going long. Nonetheless, with all of the liquidity thrown around the world by the central banks, we think this pair will more than likely rise.