EUR/JPY continue to consolidate , but it should be a matter of time before short-term important support at 127.70 is broken for real and a continuation lower in wave C towards the long-term ideal target at 123.66 is seen.
Short-ter resistance is now seen in the 128.38 - 128.56 area, which should continue to cap the upside for the expected break lower.
R3: 129.26
R2: 128.56
R1: 128.22
Pivot: 128.00
S1: 127.70
S2: 127.20
S3: 126.63
Trading recommendation:
We are short EUR from 128.05 with our stop placed at 128.65.
