EUR/JPY is expected to move to at least 123.60 as the next minor target on the way higher. Longer-term much higher levels are expected as the rally from 120.75 gathers upside momentum.
Short-term minor support at 122.56 is expected to protect the downside for the move closer to the 123.60 target. From the 123.60 the possibility of a larger corrective dip close to 122.07 is high.
We are long EUR from 120.75 with our stop placed at 122.05. We will take half profit at 123.50.