EUR/JPY is about to test important resistance at 122.26 and a clear breakout above it will confirm that the wave ii has completed with the test of 120.75 and the wave iii is developing for a new impulsive rally to above 127.50.
Short-term support is now seen at 121.27 which will protect the downside for a test of the breakout above 122.26.
R3: 122.47
R2: 122.26
R1: 121.85
Pivot: 121.57
S1: 121.27
S2: 121.14
S3: 120.75
Trading recommendation:
We are long EUR from 120.75 and we will move our stop higher to 120.70.
