EUR/JPY remains locked in a narrow trading-band near the peak at 121.47. We continue to look for a short-term correction towards 119.87 before the next impulsive rally higher towards the next minor target at 124.64.
In the short-term, a break below 120.64 will confirm the correction towards 119.87 and then higher from there again.
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 long EUR from 117.25 with our stop placed at 119.00
