EUR/JPY continues to follow the expected path higher towards at least 132.12 and possibly even closer to 132.82 before peaking in wave B and setting the stage for the final decline in wave C of (E) towards the long-term target at 123.43.
Short-term we will continue to look higher as long as minor support at 131.35 is able to protect the downside. A break below 131.35 will indicate that wave B is complete and wave C lower is developing.
R3: 132.82
R2: 132.43
R1: 132.12
Pivot: 131.35
S1: 131.06
S2: 130.84
S3: 130.35
Trading recommendation:
We are long EUR from 130.70, We will raise our stop+reverse to 131.30. Our take profit+reverse remains at 132.65
