I still prefer the short-term sell-rally play and I’m looking at resistance levels near 122.30/50 for a decent entry point. My target is still the 38.2% retracement level at 117.20.
Asia will open near previous resistance at 121.30 but with EUR momentum on the crosses looking reasonably positive, I fancy we may indeed see some slightly higher levels today in EUR/JPY. Levels near 120.50 should provide support during early trade.