EUR/JPY profit target reached for the 6th time, prepare to buy

The price has dropped perfectly to our profit target for the 6th time in a row. We prepare to buy above major support at 130.58 (Fibonacci retracement, horizontal pullback support) for a push up to at least 131.31 resistance (Fibonacci extension, horizontal swing high resistance).

RSI (34) sees ascending support holding it up really nicely.

Correlation analysis: We are seeing JPY weakness across the board with bounces expected on EUR/JPY, AUD/JPY and USD/JPY.

Buy above 130.58. Stop loss is at 130.11. Take profit is at 131.34.


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