EUR/JPY is now testing the 161.8% extension target for red wave iii and a correction should be expected anytime towards 130.87 and maybe even closer to 130.59 in red wave iv, before red wave v will be ready to take over, for a continuation higher towards 133.49 and the ideal target for black wave iii/ at 137.68.
Our preferred long-term count shows that a huge [B] wave triangle completed with the test of 124.59 and wave [C] to above 169.97 now is developing. As we still are in the very early stages of this [C] wave higher, the waves will be less clear, but as wave [C] builds it will become easier to extract the larger waves.
R3: 132.54
R2: 132.11
R1: 131.63
Pivot: 131.41
S1: 131.24
S2: 131.08
S3: 130.87
Trading recommendation:
We will use the coming correction in red wave iv to buy EUR. Ideally as close to 130.10 as possible.
