Forex: EUR/JPY targets at 134.45 and possibly much higher - 2ndSkies

FXstreet.com (Barcelona) - EUR/JPY is presently capped below the 130.00 number, after making a marginal new high at 130.08 on Tuesday, after sellers failed to get much follow through from an early Europe pullback that reached 128.44 as the lowest.

According to Chris Capre, founder at 2ndSkies: "If the selling evaporates after a large bear bar in a strong bull trend, this usually means its being bought on the cheap since the sellers could not produce any follow through."

The renowned technical trader expects "pullbacks towards 128.42 and 127.78 to find buyers looking to get short JPY, so consider these opportunities to get long" he says. A daily close below 127.78 "will daunt my strong bullish view" Chris adds.

Upside targets, according to Chirs, "remain at 134.45 and possibly much higher if it can clear the air up there."