EUR/JPY has hit a low of 124.09 and we will likely see another dip into the 123.85 - 124.05 area before completing the wave ii and setting up the stage for the next impulsive rally towards 126.85 and above that will call for further upward movement towards 129.35.
Only a direct breakout above minor resistance at 125.18 will indicate that the wave ii already has completed and the wave iii is developing.
R3: 125.58
R2: 125.18
R1: 125.00
Pivot: 124.80
S1: 124.50
S2: 124.09
S3: 123.85
Trading recommendation:
We will buy EUR at 124.50 or upon a breakout above 125.20.
