EUR/JPY has rallied as expected and has almost hit our 121.93 target (reaching its high at 121.50). We have seen a clear loss of upside momentum for the last couple of days. It indicates that a short-term correction is needed. We should expect a dip to strong support near 119.87 before the next strong push higher towards 124.64 and likely even higher before the new impulsive uptrend really.
R3: 122.01
R2: 121.50
R1: 121.00
Pivot: 120.64
S1: 120.25
S2: 119.87
S3: 119.10
Trading recommendation:
We are looking for EUR from 117.25 and we will move our stop higher to 119.00
