FX.co ★ EUR/JPY profit target reached, prepare to turn bullish

The price has dropped perfectly as expected and reached our profit target. We prepare to turn bullish above 121.11 support (Fibonacci projection, horizontal support, and Fibonacci retracement) for a bounce up to at least 122.00 resistance (Fibonacci retracement, swing high resistance).

Stochastic (21,5,3) is approaching strong support at 4.9% where we expect a bounce from.

Buy above 121.11. Stop loss is at 120.48. Take profit is at 122.00.