EUR/JPY remains locked inside a trading range between 120.33 to 121.48. A dip below 120.33 as a false break is likely to occur. If it comes true, it will quickly revert to the upside as the next impulsive rally will go towards 124.64 and 129.50 as the next larger targets.
Only a direct break above 121.39 will confirm that the correction has completed and the next impulsive rally is developing.
R3: 121.47
R2: 121.30
R1: 121.15
Pivot: 120.81
S1: 120.57
S2: 120.32
S3: 119.87
Trading recommendation:
We are long EUR from 117.25 with our stop placed at 119.00
