EUR/JPY is following our expected path. We are currently seeing a sideways consolidation, which should complete soon for a final spike higher to at least 132.12 and likely even closer to resistance at 132.82. This should complete the sideways correction in wave B and set the stage for the next impulsive decline in wave C of (E) closer to the long-term target at 123.43.
R3: 132.43
R2: 132.12
R1: 131.75
Pivot: 131.06
S1: 130.85
S2: 130.36
S3: 129.98
Trading recommendation:
We are long EUR from 130.70 with stop placed at break-even. Our take profit+reverse is placed at 132.65.
