EUR/JPY has barely been moving since the last trading day. It is trapped in a very narrow trading-rage between 120.31 - 120.59. However, we think that it is likely to move for a final dip to our ideal target seen at 119.87 from where EUR/JPY can turn back up as a new impulsive rally towards 124.64 and 129.50 as the next targets.
A direct break above minor resistance at 120.80 will indicate that the early correction has completed and the next impulsive rally is already developing.
R3: 121.47
R2: 121.30
R1: 120.80
Pivot: 120.60
S1: 120.36
S2: 119.87
S3: 119.53
Trading recommendation:
We are long EUR from 117.25 with our stop placed at 119.00. If you are not long EUR yet, Then buy near 119.87 or upon a break above 120.80.