FX.co ★ Intraday trading recommendations on EUR/JPY for October 24, 2014

The pair gave a stellar performance in yesterday's session. It erased its 3-day losses in a single session. But the pair made a top at 137.00, the parallel resistance. Today, as of now, the pair is unable to breach the double top at 137.00. The trading pattern is framed between 137.00 and 135.00 levels. The bulls hardly tried to close above 20Dsma, but closed near that. We recommend fresh buying only above 137.00 for an immediate target at 137.50 to 137.60 levels. In case, if the pair closes above 137.93, then only the pair looks for promising buy, until that selling on every rise will be the best strategy. The pair successfully came out of the descending trend line, that is a positive view. Currently the pair is producing some mixed signals. On a daily closing basis, in case if the pair closes above 137.93, then it can go to 139.35 levels. On the other side, in case if the pair closes below 135.00 levels, we can expect 132.90 levels.

For an hourly view, we can expect another strong rise only above 137.00, safe traders can start buying above 137.06 for targets at 137.50 and 137.60 levels. The prices are trading above 12ema and 34hrsma. The cross has support at 136.50, below this, 136.30 and 136.15 will act as intraday support levels. Risky traders can use sl 137.00 and sell at the current market price. The risk reward ratio is very nice at this price. Traders can wait for downside targets at 136.50, 136.30 and 136.15 levels. In case, if the sl is taken off, reverse the trade: immediate buying above 137.06 for targets at 137.50 and 137.60. Those who trade on both sides (if sl taken-off) at the end of the day you will be in profit.

Trade-

Selling sl 137.00, cmp 136.92