EUR/JPY is currently correcting the first impulsive rally from 120.92. Ideally, support in the 121.50 - 121.70 area will be able to protect the downside for the next rally higher towards 123.18 and 124.16 as the next hurdles towards the upside.
Longer term EUR/JPY ultimately should break above the 127.50 peak.
Only an unexpected break below support at 120.92 will invalidate our bullish expectations
R3: 123.75
R2: 123.18
R1: 122.45
Pivot: 121.85
S1: 121.70
S2: 121.50
S3: 120.92
Trading recommendation:
We are long EUR from 121.98 with our stop placed at 120.85
The material has been provided by InstaForex Company - www.instaforex.com