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EUR/JPY ideally should find support at 122.26 for the next rally higher to 123.60, which will be the next minor hurdle as EUR/JPY continues higher.
The rally from 120.75 is seen as wave iii, which ultimately should break above the March 2019 peak at 127.50 for a continuation towards 133.11 and 137.50.
Only an unexpected break below 121.22 will question our bullish outlook.
R3: 123.75
R2: 123.47
R1; 122.97
Pivot: 122.66
S1: 122.47
S2: 122.26
S3: 122.06
Trading recommendation:
We are long EUR from 120.75 and we will raise our stop to 121.20.
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