EUR/JPY is headed lower in the wave C of (E), with the ideal target set at 125.32. We have seen a nice powerful decline from 131.35 that broke below the low of the wave A without problems, confirming the final leg lower in the wave (E) is developing now.
In the short-term, we could see more sideways trading within the 127.52 - 129.32 range before the next spike lower through support at 129.52 for the expected decline towards 125.32.
R3: 129.32
R2: 128.88
R1: 128.52
Pivot: 128.09
S1: 127.88
S3:127.52
S3: 127.10
Trading recommendation:
We are looking for a EUR selling opportunity at 128.85
