EUR/JPY finally spiked lower to the expected corrective target at 123.58 (the low has been see at 123.36) this should complete the correction from 125.13 and set the stage for a new impulsive rally towards the former peak at 127.02 and likely closer to 129.36. Short-ter a break above minor resistance at 124.20 will confirm the completion of this correction and the expected rally higher to 125.13 and 127.02 as the next upside targets.
R3: 125.13
R2: 124.47
R1: 124.20
Pivot: 124.03
S1: 123.47
S2: 123.36
S3: 123.25
Trading recommendation:
We are long EUR from 122.25 with our stop placed at 123.25
