We continue to look for EUR/JPY to move lower towards 123.66 in wave C to complete the long-term triangle consolidation.
At this point only a clear break above resistance at 129.40 will be of concern, while a break above resistance at 130.13 will invalidate the expected decline towards 123.66 and instead call for a new rally towards strong resistance near 133.00.
R3: 130.13
R2: 129.40
R1: 129.06
Pivot: 128.90
S1: 128.40
S2: 128.00
S3: 127.74
Trading recommendation:
We sold EUR at 128.75 and have a protective stop at 129.75.
