EUR/JPY remains pressured and has broken below support at 122.04 indicating more downside pressure towards 121.77 and maybe even closer to the 50% corrective target at 121.47 before starting to turn higher in wave 3.
In the short-term, a break above minor resistance at 122.33 will confirm that wave 2 has completed and wave 3 higher is in motion towards 123.84 and 125.65
R3: 122.55
R2: 122.33
R1: 122.11
Pivot: 121.00
S1: 121.91
S2: 121.77
S3: 121.47
Trading recommendation:
Our stop at 122.00 was hit for a small 27 pip loss. We will re-buy EUR at 121.85 or upon a break above 122.33.
