EUR/JPY has re-tested the 120.76 low. This low is slightly above our ideal target 120.62. This could be enough to fulfill our target and set the stage for a new impulsive rally in wave III. To confirm that wave II has completed and wave III is developing. we need a break above minor resistance at 121.53 and more importantly we need to see a break above resistance at 122.32 that will confirm a new impulsive rally to 123.06 peak.
R3: 122.32
R2: 121.84
R1: 121.53
Pivot: 121.15
S1: 120.76
S2: 120.62
S3: 120.30
Trading recommendation:
We are long EUR from 120.85.
