EUR/JPY has continued to go higher and we now see short-term important support at 121.50. If EUR/JPY can stay above this support and conquer resistance at 122.24, then the upside is open for a continuation through 123.38 and above the 127.50 peak.
If, however, support at 121.50 is broken then a final dip closer to 121.00 should be expected. A break below support at 120.94 is highly undesirable as it will re-open the downside.
R3: 122.54
R2: 122.24
R1: 122.13
Pivot: 121.82
S1: 121.50
S2: 121.32
S3: 120.94
Trading recommendation:
We are long EUR from 121.50 and we will move our stop higher to break-even at 121.50
The material has been provided by InstaForex Company - www.instaforex.com