After a nice run up from 124.76 EUR/JPY is consolidating in a narrow range between 126.15 - 126.80. Once this consolidation is complete, we will be looking for a break above minor resistance at 126.80 for a continuation higher towards 128.50 and 129.50 as the next upside targets.
Ideally support at 126.15 will be able to protect the downside, but if broken a dip to 125.65 should be expected before up again.
R3: 127.50
R2: 127.00
R1: 126.80
Pivot: 126.15
S1: 126.00
S2: 126.65
S3: 125.45
Trading recommendation:
We are long EUR from 125.65 with our stop placed at 125.25
