EUR/JPY dipped into the target-area between 119.87 - 120.05 (the low has been seen at 120.04). It means that red wave ii now could be complete. However, to confirm this is the case, we need a break above minor resistance at 120.88 and more importantly a break above resistance at 121.11 that will call for a continuation higher to 123.59 and in the longer term to much higher levels.
R3: 121.48
R2: 121.11
R1: 120.88
Pivot: 120.49
S1: 120.19
S2: 120.04
S3: 119.87
Trading recommendation:
We are long EUR from 117.25 with our stop placed at 119.00. If you are not long EUR yet, then buy a break above 120.88 or more conservatively upon a break above 121.11 and place you stop at 120.00
