EUR/JPY is finally breaking out of the narrow trading-rang and as we suspected, it breaks to the downside. A clear break below support at 124.94 will confirm a continuation lower to 123.65 and ultimately we will be looking for a decline to 120.95.
Only an unexpected break back above 125.45 will shift the bias towards the upside and a rally towards 127.50 and above.
R3: 126.18
R2: 125.75
R1: 125.45
Pivot: 125.10
S1: 124.94
S2: 124.17
S3: 123.65
Trading recommendation:
We are short EUR from 124.25 and we will move our stop lower to 125.50
