EUR JPY soars 18/1/2013

The pair failed to break 50%Fibonacci in yesterday’s trading at 116.50 to accomplish a strong positivity to reach 120.50 achieving a breach to the resistance level as shown in the enclosed chart.

We remain expecting more positivity during the near period to achieve 121.80 as a target if the support level settled around 116.50.

Stochastic is within the overbought level, which makes the price fluctuates in sideways range until accomplishing the waited target.

Expected trading range is between 118.30 and 121.80

Expected trend: bullish