EUR/JPY – bullish break from double bottom neckline

FX:EURJPY   Euro / Japanese Yen
Resistance – 124.05, 124.75, 125.51

Support – 123.50, 122.81, 122.00

EUR/JPY             hourly chart has just confirmed a bullish break above neckline of double bottom formation. This creates a room for an upside move towards 125.55 levels.

However, hourly RSI 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
agree, looking for longs only now
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