EUR/JPY spiked to a high of 120.30 before tuning lower again towards our ideal target-zone between 118.85 - 119.24 (The low has been 119.35), so we are just 11 pips away from touching the target zone. The possibilities of a bottom being in place soon are overwhelming. A break above minor resistance at 119.74 will be the first indication of a bottom being in place, while a break above resistance at 120.30 will confirm the low being in place and the beginning of a new impulsive rally, that ultimately should bring us back above the 122.88 peak.
R3: 119.91
R2: 119.74
R1: 119.58
Pivot: 119.46
S1: 119.24
S2: 119.00
S3: 118.85
Trading recommendation:
We took profit (105 nice pips was booked)+revers on our short position to a long EUR position at 119.35. We will start by placing our stop at 118.35.
