Successful breaking of resistance 123.30.
All indicates that demand has finally managed to overcome key resistance at 123.30. Although the break was made on Friday but yesterday EURJPY again came back below this important level. Due to Monday’s high opening the pair reached its highest level since May 2016.
Resistance at 126.40 a target for EURJPY bulls.
Looking at the current strength of bulls, test of resistance at 126.40 in the near future seems very likely. The only problem for demand that can be observed on EURJPY chart is the absence of any major correction during the long enough growth movement. For the time being, however, there is no signal to start the correction, and resistance test 126.40 may be a great opportunity.
