EUR/JPY continues to push lower indicating that a more complex wave ii correction is developing. This suggests the more downside pressure towards the support area between 123.85 - 124.05 before the wave ii completes and the wave iii goes up towards at least 132.49.
Only a direct breakout above minor resistance at 125.58 will indicate that the wave ii has completed and the wave iii is developing.
R3: 126.00
R2: 125.58
R1: 125.25
Pivot: 125.10
S1: 124.80
S2: 124.50
S3: 124.05
Trading recommendation:
Our stop at 125.25 has been hit, for a small loss. We will re-buy EUR at 124.05 or upon a breakout above 125.58.
