Wave summary;
EUR/JPY rallied to 122.42 and then turned around to take out, unexpectedly, the 121.16 low. This does open for a move slightly lower to 120.87 to complete wave (iv). It however, also reopens the outside possibility of a corrective decline closer to support at 119.05 before wave (iv) is complete. The first good indication of wave (iv) being complete will be a break above minor resistance at 121.68, while a break above resistance at 122.42 will confirm that wave (iv) is complete and wave (v) towards 126.54 has taken over.
R3: 122,62
R2: 122.42
R1: 121.68
Pivot: 121.10
S1: 120.87
S2: 120.48
S3: 120.16
Trading recommendation:
Our stop at 121.05 was hit. We will only buy a break above 121.68.
The material has been provided by InstaForex Company – www.instaforex.com
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