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EUR/JPY moved to a low of 119.59 or just below the 61.8% corrective target. At 119.59, EUR/JPY met the support line of the pitchfork and this should be enough to turn the pair higher again. We were disipointed the last time we looked for a turn higher. So we would like to see minor resistance at 120.03. It is even more important to see that resistance at 120.54 is broken before we raise our expectations for a new impulsive rally.
In other words, we continue to believe that the potentiel downside movement from here would be very limited.
R3: 120.87
R2: 120.54
S1: 120.03
Pivot: 119.92
S1: 119.70
S2: 119.59
S3: 119.42
Trading recommendation:
We are long on EUR from 119.95 with our stop at 118.95
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