FX.co ★ EurJpy inching higher above 122.00. Remain cautiously bullish

Technical outlook and chart setups:

As depicted on the daily chart view here, EurJpy looks to be breaking above 122.00 level at the moment. Intermediary support is at 119.00/120.00, followed by 116.00/117.00 for now, while resistance is not before 125.00 level. After remaining flat for past few sessions, it is recommended to go long, (around 50% capacity). Any break out above 122.00 today or tomorrow is expected to raise the single currency pair towards at least 124.00/125.00 levels in the short term. Please note this counter rally may also possibly test swing highs at 127.00 level.

Trading recommendations:

Buy now (around 122.00), stop is below 120.00, and target is open.

Good Luck!