EUR/JPY has unfolded as expected. First, we saw a test of resistance at 120.67 followed by a corrective dip to support at 120.05. EUR/JPY is likely to break through the upside level again towards the next target at 123.58.
A clear break above resistance at 120.67 will open the way to at least 122.35 and higher to 123.58.
R3: 121.13
R2: 120.85
S1: 120.67
Pivot: 120.30
S1: 120.05
S2: 120.00
S3: 119.76
Trading recommendation:
We are long EUR from 117.25 with our stop placed at 119.30. If you are not long EUR yet, then buy near 120.05 or upon a break above 120.67 and use the same stop at 119.30.