FX.co ★ EUR/JPY Breaks Support at 121.00 Levels. Short-Term Rally could Materialize towards 124.00

Technical Outlook and Chart Setups:

As seen on the 4H chart here, the single currency broke the 123.00 mark overnight taking out the short-term support at 121.00 levels as well. Still at the moment, prices have stalled and bottoming out near the past resistance turned support region between 119-120. Immediate support is at 116.50/116.00 level followed by 114.00; while resistance is seen at 124.00 levels (the past support region). Furthermore, the current region is re-enforced by the fibonacci 0.786 support as seen here. It is therefore recommended to build long positions in short term looking higher up from here.

Trade Recommendations:

Go long now (120.00/120.10), stop is at 117.00, target is at 124.00 levels.