EUR/JPY is closing in on the 117.47 target which could complete the decline from 127.50 and more important the decline in wave [E] from 148.87. Once wave [E] completes, a new impulsive rally should be expected.
The first good indication of a bottom being in place is a break above 118.92, but it will take a break above resistance at 121.38 to confirm that a long-term bottom is in place and a new long-term impulsive rally is developing.
R3: 119.17
R2: 11.92
R1: 118.48
Pivot: 118.24
S1: 117.65
S2: 117.38
S3: 117.00
Trading recommendation:
We will buy EUR at 117.60 or upon a break above 118.92.
