EUR/JPY is currently testing support near 121.31, which ideally will be able to protect the downside for the next impulsive rally higher towards 122.12 and beyond for a move closer to the peak at 124.43. If, however, support at 121.31 gives away, a drop to 121.10 should be expected before the next push higher is seen.
Only an unexpected break below 120.57 will force us to review our bullish count.
We are long on EUR from 119.95 with our stop placed at 120.71
The material has been provided by InstaForex Company – www.instaforex.com