EUR/JPY is developing as expected. Its quotes are going higher. With a corrective dip to 121.62 followed by a clear break above 122.48, we should see a continuation higher to the next short-term hurdles at 123.18 and 124.16.
in the long-term we expect the ongoing rally to ultimately break above resistance at 127.50 for a continuation higher to at least 129.59 and likely even closer to 135.02.
Important support is now seen at 121.62
R3: 123.75
R2: 123.18
R1: 122.81
Pivot: 122.38
S1: 122.18
S2: 121.85
S3: 121.62
Trading recommendation:
We are long EUR from 121.98 and we will move our stop higher to 121.60.