EUR/JPY has recovered from the corrective low at 119.96. Now, it is testing key resistance at 120.68. A break above will confirm more upside pressure in blue wave (iii) to 122.07 as the next minor milestone. EUR/JPY continues to rise towards 123.55.
Support is now seen at 120.50 and at 120.25. The latter is likely to protect the downside for the expected break above 120.68 and 121.01.
R3: 121.38
R2: 121.01
R1: 120.68
Pivot: 120.50
S1: 120.25
S2: 119.96
S3: 119.88
Trading recommendation:
We are long EUR from 120.25 and we have moved our stop higher to 119.85