EUR/JPY is still working on the wave ii/ correction, but this corrective decline should be complete soon and a new impulsive rally through minor resistance at 125.23 and confirm the next impulsive rally higher towards 132.12 is unfolding.
Support is seen at in the 124.36 – 124.72 area and will ideally be able to protect the downside for the expected break above 125.23 for the next impulsive rally higher.
R3: 125.95
R2: 125.23
R1: 124.97
Pivot: 124.72
S1: 124.58
S2: 124.24
S3: 123.78
Trading recommendation:
We are long EUR from 124.65 with our stop placed at 123.70
