EUR/JPY is now testing the channel-top and we expect it will break through the channel-top and accelerate higher towards 127.50 on its way to the 161.8% extension target at 133.54. On the way higher solid resistance will be found near 129.25 but this should ultimately be overcome too.
Support is now seen in the 125.42 - 125.64 area, which is expect will protect the downside.
R3: 127.26
R2: 126.92
R1: 126.53
Pivot: 126.17
S1: 125.98
S2: 125.64
S3: 125.42
Trading recommendation:
We are long EUR from 124.80 and we will move our stop higher to 125.25
The material has been provided by InstaForex Company - www.instaforex.com