EUR/JPY remains locked in undecided territory between support at 127.90 and resistance at 129.22, we need a break out of this territory to get the next big move up or down.
We remain biased towards the downside for a break below support at 127.90 for a continuation lower towards the long-term target at 123.66 to complete the long-term triangle consolidation and set the stage for the impulsive rally.
If, however resistance at 129.22 is broken that will be a warning that wave (E) already has completed and the new impulsive rally already is under way.
R3: 130.13
R2: 129.40
R1: 129.06
Pivot: 128.90
S1: 128.40
S2: 128.00
S3: 127.74
Trading recommendation:
We are short EUR from 128.75 and we will move our stop+revers lower to 129.50.
