EUR/JPY dipped to a low of 117.55 before turning higher. We are now looking for a re-test of short-term key-resistance at 118.56 and a break above here will confirm wave ii has completed and wave iii higher to at least 121.93 is developing.
Only a break below 117.43 will indicate that wave ii still is in motion but the potential downside should be limited to the 117.14 - 117.28 area.
R3: 118.79
R2: 118.56
R1: 118.20
Pivot: 118.03
S1: 117.91
S2: 117.73
S3: 117.55
Trading recommendation:
We bought EUR at 117.92 and have our stop placed at 117.40.
