EUR/JPY is still trying to break resistance at 121.02. It should be a matter of time before this resistance is overcome and the pair will move higher to 122.24 and 123.55. In the short-term, a minor corrective dip to 120.51 seems likely before the next attempt to break above resistance at 121.02 is in the cards. Even a short-term break below 120.51 does not change our overall bullish outlook. Only a break below 120.09 will question the uptrend.
R3: 121.90
R2: 121.48
R1: 120.90
Pivot: 120.51
S1: 120.24
S2: 120.09
S3: 119.88
Trading recommendation:
WE are long EUR from 120.11 with our stop placed at 120.00
