Finally, EUR/JPY dipped towards support in the 122.70 – 123.37 area, from where the next impulsive rally towards 132.12 is expected to take hold.
Only a direct break above minor resistance at 124.65, will indicate wave ii to be complete and wave iii developing towards the 132.12 target.
R3: 125.19
R2: 124.93
R1: 124.65
Pivot: 124.21
S1: 124.10
S2: 123.78
S3: 123.37
Trading recommendation:
We will buy EUR at 123.40 or upon a break above 124.65
