EUR/JPY has unfolded as expected. First, we saw a test of resistance at 120.67 followed by a corrective dip to support at 120.05. EUR/JPY is likely to break through the upside level again towards the next target at 123.58.
A clear break above resistance at 120.67 will open the way to at least 122.35 and higher to 123.58.
We are long EUR from 117.25 with our stop placed at 119.30. If you are not long EUR yet, then buy near 120.05 or upon a break above 120.67 and use the same stop at 119.30.
The material has been provided by InstaForex Company – www.instaforex.com