29.06.201112:14 Forex Analysis & Reviews: EUR/JPY Possible Bullish Opportunity - June 29, 2011

Long-term review

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17 March candlestick marked in the chart came as a very nice hummer indicating strong bullish rejection of support level 106.80 .

Since beginning of May 2011 price has been consolidating between 38.2% - 61.8% Fibonatcci levels .

Watching 61.8% Fibonatcci level , we notice the nice bullish reaction of the daily candlesticks as Full Body bullish candlesticks .

On 4H timeframe we had a broken downtrend line successfully retested as marked in the chart .

Then we had a successful break of the resistance level 115.70 .

Also we notice the uptrend line on the MACD indicator marked in the chart .

Based on the previous Analysis :

The view for the pair is bullish

Best BUY area is the retest of the broken resistance level 115.70 now acting as support .

TP for long positions is 116.50 , 117.00 .

SL should be 4H closure below 114.90 .

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