EUR/JPY is currently correcting the first impulsive rally from 120.92. Ideally, support in the 121.50 - 121.70 area will be able to protect the downside for the next rally higher towards 123.18 and 124.16 as the next hurdles towards the upside.
Longer term EUR/JPY ultimately should break above the 127.50 peak.
Only an unexpected break below support at 120.92 will invalidate our bullish expectations
We are long EUR from 121.98 with our stop placed at 120.85
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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