After a dip to 119.17 (just above our ideal target at 119.01) EUR/JPY could be ready to engage in the next part of this impulsive rally higher towards 121.93. On the way higher we will see resistance at 120.55 and then 121.14 before the ideal target at 121.93.
Short-term support is seen at 119.17 and then at 119.01.
R3: 121.93
R2: 121.14
R1: 120.55
Pivot: 120.00
S1: 119.45
S2: 119.17
S3: 119.01
Trading recommendation:
We are long EUR from 117.25 with our stop placed at 118.00