EUR/JPY pushed lower towards the limit near 119.17 (the low has been seen at 119.23). We are looking for a break above minor resistance at 119.80 as it indicates that red wave ii finally has completed and red wave iii higher towards 123.58 is developing.
The support in the 119.17 - 119.23 area will be able to protect the downside for the break above minor resistance at 119.80. A break above 120.25 will confirm that red wave iii is developing.
R3: 120.64
R2: 120.25
R1: 119.80
Pivot: 119.57
S1: 119.23
S2: 119.17
S3: 119.00
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 119.80 and use the same stop at 119.00
