EUR/JPY is still expected to move higher towards resistance in the 125.58 - 125.82 area, from where a lager correction towards 123.79 is possible. We are not looking for a major top, but just a temporary top before the next impulsive rally higher towards 127.23 and ideally closer to 129.26.
Support is now seen in the 124.33 - 124.57 area.
R3: 125.82
R2: 125.58
R1: 125.06
Pivot: 124.57
S1: 124.33
S2: 124.23
S3: 123.78
Trading recommendation:
We are long on EUR from 123.35 and we will move our stop higher to 124.00 and we will take profit on 50% of our long position at 125.50
