EUR/JPY has spiked to just above the 125.27 target. A break below support at 124.52 is now needed to confirm that the corrective rally from 123.65 is complete and renewed downside pressure should be expected towards 123.65 and 122.07 and ideally closer to 120.95 before a low should be expected and a turn higher should be expected.
Only a direct break above 126.17 will shift the focus back towards the upside and a rally to 127.50 and above.
R3: 126.17
R2: 125.70
R1: 125.27
Pivot: 124.95
S1: 124.75
S2: 124.56
S3: 124.12
Trading recommendation:
We are short EUR from 124.25 with our stop placed at 126.20
