Prediction EUR/JPY for october 3 2012

forex trading outlook today - Prediction EUR/JPY for october 3 2012 : EUR/JPY is currently dealing near Monday's highs around 101 round, off session highs at 101.10, slightly lower than fresh weekly and 6-day highs yesterday at 101.19, right at 0.38 retrace of latest down leg 103.85/99.61. The cross is bouncing from Monday's and weekly low at 99.77, a low level touched for third time in last 5 days, adding +0.81% gains so far for the week.

"The EUR/JPY 4-hr chart is in a clear uptrend and the retracement off the recent highs at 103.85 looks to have run its course,This dip stalled at the 200-period MA and 50% retracement level, giving it extra credibility," the analyst expands, adding: "Clear risk-reward trade here is to buy dips to 100.50 in anticipation of further imminent gains, to test highs near 104.00."

talk of more shorts throwing in towel," with "Light stops above 101.10 taken out, some re-set above 101.20 today," adding: "Cross in better tech position today - above 100.86/89 Ichimoku tenkan-kijun." The analyst sees "Resistance ahead of roughly flat 200-day MA at 101.71," while support at "Bids seen building from around 100.50."

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