EUR/JPY is expected to move to at least 123.60 as the next minor target on the way higher. Longer-term much higher levels are expected as the rally from 120.75 gathers upside momentum.

Short-term minor support at 122.56 is expected to protect the downside for the move closer to the 123.60 target. From the 123.60 the possibility of a larger corrective dip close to 122.07 is high.

R3: 123.62

R2: 123.18

R1: 122.93

Pivot: 122.56

S1: 122.26

S2: 122.07

S3: 121.72

Trading recommendation:

We are long EUR from 120.75 with our stop placed at 122.05. We will take half profit at 123.50.