EUR/JPY: on the way up
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EUR/JPY is likely to move further within an uptrend. The cyclical movement is clearly shown on the 4-hour chart. It has been climbing up since June 22 with short corrections. It’s widely expected that the story can repeat again this time. However, the pair may meet the resistance at 121.50. Wait until it crosses this level, as it will clear the way upwards to the next resistance at 121.85 near the 50% Fibonacci retracement level. Look for support levels at 121.00 and 120.70.
Trade idea for EUR/JPY
BUY 121.55; TP1 121.85; TP2 122.50; SL 121.40
