EUR/JPY failed to sustain its rally and break above resistance at 122.30. Instead, it turned lower from 122.23 indicating the renewed downside pressure for a final dip towards 120.26 to complete the wave II and set the stage for a new impulsive rally in the wave III.
Only a direct breakout above resistance at 122.23 will swift the bias to the upside for a rally to 123.34.
R3: 122.54
R2: 122.23
R1: 121.85
Pivot: 121.67
S1: 121.48
S2: 121.29
S3: 120.92
Trading recommendation:
Our stop at 121.55 has been hit. We will re-buy EUR at 120.75 or upon a breakout above 122.23
