EUR/JPY seemed to have completed wave ii with the test of 117.43. All that is needed now to confirm that wave ii has been completed and wave iii is developing is a break above resistance at 118.56. In the short-term, we could see a minor set-back to support in the 117.66 - 117.83 area before the next and likely successful test to break above short-term key-resistance at 118.56 for the next impulsive rally towards at least 121.93 and likely higher.
R3: 118.79
R2: 118.56
R1: 118.20
Pivot: 118.03
S1: 117.91
S2: 117.83
S3: 117.66
Trading recommendation:
We will bought EUR at 117.92 and have placed our stop at 117.40
