EUR/JPY seems to have reeached the bottom and it is moving higher again towards the channel-top near 127.75 and a break above this channel-top is ultimately expected for upside acceleration closer to the 161.8% extension target at 133.54.
Key support is seen at 124.25 and only an unexpected break below here will invalidate our bullish outlook and shift our preferred count.
R3: 126.92
R2: 126.53
R1: 125.86
Pivot: 125.23
S1: 124.78
S2: 124.45
S3: 124.25
Trading recommendation:
We are long EUR from 124.80 and we will keep out stop+revers at 124.15.
The material has been provided by InstaForex Company - www.instaforex.com