Support in the 122.81 - 123.05 area has protected the downside and we should expect a new break above minor resistance at 123.92. The pair may rise to 125.82 and 127.38 as EUR/JPY is trying to reach 129.26.
Support is seen in the 122.87 - 123.05 area, which we think will be able to protect the downside for the next push higher.
R3: 124.85
R2: 124.30
R1: 123.92
Pivot: 123.60
S1: 123.31
S2: 122.91
S3: 122.81
Trading recommendation:
We are long EUR from 123.35 with our stop placed at 122.75
The material has been provided by InstaForex Company - www.instaforex.com