The support-zone between 120.32 - 120.68 stopped the minor correction from 120.92. EUR/JPY is ready for the next attack towards the upside for a rally towards 121.40 and 121.98 on the way higher to 123.55.
Support is now seen in the 120.49 - 120.64 area. It is likely to protect the downside for a clear break above 120.90 for the expected continuation higher to 121.40 and 121.98.
R3: 121.98
R2: 121.40
R1: 121.13
Pivot: 120.64
S1: 120.49
S2: 120.32
S3: 120.05
Trading recommendation:
We are long EUR from 117.25 with our stop placed at 120.25
The material has been provided by InstaForex Company - www.instaforex.com