EUR/JPY dipped to a low of 119.78 just above our target at 119.75. We are now looking for a corrective rally towards the 120.79 - 121.09 target-zone before renewed downside pressure towards 118.85 - 119.24 should be expected.
In the short term, a break above 120.40 will confirm the expected rally higher to the 120.79 - 121.09 target-zone.
R3: 121.09
R2: 120.79
R1: 120.40
Pivot: 120.20
S1: 119.90
R2: 119.75
R1: 119.50
Trading recommendation:
We will sell EUR at 120.95 for a final dip to 119.24.
