The sideways consolidation in EUR/JPY is now meeting strong support in form of the support-line from the 114.40 low, this should be able to push EUR/JPY higher towards the next target seen near 121.83 and 124.83 as wave 3 evolves.
Short-term support is seen in the 119.90 - 120.00 area, which we expect will continue to protect the downside for the next push higher.
R3: 122.12
R2: 121.58
R1: 121.23
Pivot: 120.75
S1: 120.19
S2: 119.88
S3: 119.60
Trading recommendation:
We are long EUR from 119.95 with our stop placed at 119.35
