EUR/JPY profit target reached once again, prepare to buy

The price has dropped perfectly and reached our profit target for the 4th time in a row. We prepare to buy above major support at 129.96 (Fibonacci retracement, horizontal overlap support, bullish price action) for a push up to at least 130.78 resistance (Fibonacci extension, horizontal swing high resistance).

RSI (34) sees long term ascending support line hold our bullish momentum really well.

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

Buy above 129.96. Stop loss is at 129.50. Take profit is at 130.78.


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