Forex: EUR/JPY buy-dip strategy preferred - FXWW

FXstreet.com (San Francisco) - Thursday's trade saw EURJPY close above the 55-day EMA for the first time since April 25, and climb as high as 98.23 before closing the North American session at 98.03, 100 pips above its opening price.

Further rallies may encounter resistance at 98.67 (61.8%, 101.59/94.12), 99.30 (100-day EMA) and 100.20 (18 May low).

"EURJPY is usually very heavily traded in Asia and the break above recent range highs at 97.80 should increase interest in this pair," observes Sean Lee, founder of FXWW. "I'd prefer to play a medium-term 96.50/100.50 range and be patient with a buy-dip strategy from current levels. The next short-term technical resistance is at 98.77 (61.8% of 101.65/94.15)."