EUR/JPY is now close to our upper target at 132.82 and, we should be looking for a possible top and renewed downside pressure in wave C of (E).
Short-term, we do expect minor support will be able to protect the downside for a final spike higher to test the 132.80 target, before completing the rally from 129.48 and wave B. That said, any break below minor support at 131.65 will indicate that wave B already have completed and wave C is developing.
R:133.39
R2: 133.05
R1: 132.82
Pivot: 132.14
S1: 131.83
S2: 131.65
131.35
Trading recommendation:
We are long EUR from 130.70 and will raise our stop+reverse to 131.65. Our take profit+reverse remains at 132.65.
