Support – 123.50, 122.81, 122.00
EUR/JPY hourly chart has just confirmed a break above neckline of formation. This creates a room for an upside move towards 125.55 levels.
However, hourly is overbought and that could lead to loss of momentum and sideways action around neckline level of 123.50. Also watch out for a fakeout – failure to stay above neckline level of 123.50 as that could trigger a drop to 122.00 levels.
EUR/JPY rallied to neckline resistance as anticipated earlier today