EUR/JPY is again testing short-term important resistance at 120.30 and a break above here will be a strong indication that blue wave ii with the test of 119.65 and blue wave iii towards 121.98 is developing. Short-term support is now seen at 119.94 and 119.80. The support levels are likely to protect the downside for the expected break above 120.30 for upside acceleration towards 121.40 and 121.98.
R3: 120.64
R2: 120.39
R1: 120.27
Pivot: 120.13
S1: 119.94
S2: 119.80
S3: 119.62
Trading recommendation:
We remain long from 117.25 with our stop placed at 119.30. If you are not long yet, then buy a break above 120.30 with the same stop at 119.30