EUR/JPY is starting to tick higher again and we are in the middle of a very nice recovery off the major 112 lows. The next important resistance on the daily chart is a daily high at 131.60 but the ultimate objective for bulls must be the 38.2% level at 134.50. If you are not already long then now is probably not the place to be diving in. Play a wide medium term range now of 120-135 with a bullish bias and wait for sell-offs and short term buy signals before entering.
