EUR/JPY continues to push higher towards the neckline resistance seen at 125.17 a break above here will trigger the S/H/S bottom for a continuation higher to the former peak at 127.02 and likely even closer to 129.06 and the next major upside target.
Short-term, we see support at 124.11 which ideally will be able to protect the downside for the expected push higher to test the neckline resistance.
R3: 125.17
R2: 124.74
R1: 124.50
Pivot: 124.34
S1: 124.11
S2: 123.90
S3: 123.67
Trading recommendation:
We are long EUR from 123.46 and we will move our stop to break-even at 123.46.
