EUR/JPY Is Recovering the Brexit Drop

After the huge drop that followed the referendum results in the UK the EUR/JPY pair formed a double bottom at the support at 110.90 and it has been steadily moving to the upside ever since. It broke above the resistance at 115.00 and it is currently testing the one at 118.20. The pair will likely break above that level as well and continue moving up towards the next resistance level at 120.75, which coincides with (MA)89 on the daily time-frame. What is more, if it breaks out above that resistance EUR/JPY could completely recover the massive 1000 pips drop that occurred after the Brexit referendum in the UK.