EUR/JPY continues to follow the expected bullish path higher. After a minor sideways consolidation, we should see a continuation higher to resistance at 125.58 and possibly slightly above near 125.82 before a new short term correction sets in. In the longer-term, we continue to look for a rally higher at least to 129.26.
Support is now seen in the 124.23 - 124.35 area, which ideally will protect the downside for the rally higher to 125.58.
R3: 125.82
R2: 125.58
R1: 125.06
Pivot: 124.35
S1: 124.23
S2: 123.86
S3: 123.40
Trading recommendation:
We are long EUR from 123.35 and we will move our stop higher to 123.85. We will take profit on 50% of our long position at 125.50
The material has been provided by InstaForex Company - www.instaforex.com