EUR/JPY is once again trying to reach our ideal corrective target at 119.87. Support will be strong in the 119.87 - 120.05 area and the likelihood of a bottom forming here is great. However, to confirm that a corrective low has been seen, we need a break above minor resistance at 120.42 and more importantly a break above resistance at 121.11 that will call for a continuation higher to 123.59 and above longer term.
R3: 121.11
R2: 120.24
R1: 120.05
Pivot: 119.87
S1: 119.71
S2: 119.53
S3: 119.21
Trading recommendation:
We are long EUR from 117.25 with our stop placed at 119.00. If you are not long EUR yet, then buy near 120.00 or upon a break above 120.42
