Overview

The EUR/JPY pair formed an intraday negative rebound to test the initial support at 120.80. A good leaning point has been formed which confirms continuation of the positivity in the upcoming period. We notice the price rally, which makes us keep our bullish expectation. Our positive targets located at 122.90 and 124.15. Any attempt to provide negative close below the current support will invalidate the bullish view. In case of a bearish correction, the target lies at 119.50 level reaching to 38.2% Fibonacci correction level at 118.60. The expected trading range for today is between 120.80 and 122.90.