EUR/JPY continues to work its way higher. We expect minor support 124.28 max. 123.39 will be able to protect the downside for a continuation through minor resistance at 124.89 towards 125.55 and ideally closer to 127.01 where strong resistance is seen.
Only a break below support at 123.39 be be cause of concern and could indicate a deep retracement towards the 121.13 - 121.88 area.
R3: 127.09
R2: 126.16
R1: 125.19
Pivot: 124.89
S1: 124.28
S2: 124.00
S3: 123.39
Trading recommendation:
We are long EUR from 122.50 and we will raise our stop to 123.25
The material has been provided by InstaForex Company - www.instaforex.com