EUR/JPY broke directly below support at 128.57 to confirm that wave B completed with the test of 130.15 and wave C towards 123.66 now is developing.
Short-term support is now seen in the 128.84 - 129.14 area, which we expect will be capping the upside for the next downside pressure towards 126.62 on the way lower to 123.66.
R3: 129.14
R2: 128.84
R1: 128.51
Pivot: 128.12
S1: 127.98
S2: 127..82
S3: 127.47
Trading recommendation:
We sold EUR at 128.56 and has placed our stop at break-even. If our stop is hit, we will sell EUR again at 128.75.
