EUR/JPY - another push to the upside is coming

EUR/JPY had a strong impulse to the upside last week, now is approaching back the lower band of the channel. Retail traders are 50 50 on this pair, market makers will probably keep the price in a range for short term.

From a technical perspective, we want to see this pair retest the 122.50- 80 resistance zone. Best entry for longing EUR/JPY is just under the 200 MA liquidity area aligning with the previous neckline of W formation.
Entry zone: 121.20- 35. Take profit target is the retest of previous resistance, 122.20.

COT Data also shows weak Yen for the longer term, Euro starts to also gain momentum, so the retest of 122.50 is highly probable.

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