EUR/JPY has finally rallied and broken clearly above resistance at 123.18 confirming that wave 2/ completed the test of 121.59. Wave 3/ now is in motion for a rally above the peak of wave 1/ at 127.02. It may rise higher towards at least 129.38.
Short-term support is now seen at 123.67 and strong support is seen at 123.18, but we doubt that the ongoing minor correction will be able to correct that far.
We are long EUR from 122.25 and we will move our stop higher to 122.95The material has been provided by InstaForex Company - www.instaforex.com