EUR/JPY has broken above short-term important resistance at 121.39 indicating that the correction completed earlier and the next impulsive swing higher is developing. The next upside target to look for is seen at 122.00 and the 123.18 on the way higher towards 124.64.
Only an unexpected break back below 120.55 will indicate that the correction is still developing and a final dip to 119.87 is still likely.
R3: 123.18
R2: 122.55
R1: 122.00
Pivot: 121.14
S1: 120.97
S2: 120.84
S3: 120.55
Trading recommendation:
We are long EUR from 117.25 and we will move our stop higher to 120.25
The material has been provided by InstaForex Company - www.instaforex.com