EUR/JPY could move a bit closer to support at 119.75 before completing wave iii. Then, it is likely to set the stage for a correction in wave iv towards 120.97 and a final dip into the target-zone between 118.85 - 119.24 to complete wave v and C of 2.
In the short term, a break above minor resistance at 120.40 will indicate that wave iii has completed and wave iv is developing towards 120.97.
R3: 120.97
R2: 120.60
R1: 120.40
Pivot: 120.29
S1: 119.90
S2: 119.75
S3: 119.50
Trading recommendation:
We will wait for a buying opportunity at 119.30.
