EUR/JPY has made a new low for the correction in wave 2 (low has been 119.65) which confirms our count and that more downside pressure into the 118.85 - 119.24 target-zone still should be expected. Short-term, we should see a minor pop to 120.17 before the final dip into the target-area.
Only a direct break above key-resistance at 120.56 will indicate that wave 2 already has completed and wave 3 is ready to unfold.
R3: 120.38
R2: 120.17
R1: 119.98
Pivot: 119.79
S1: 119.65
S2: 119.50
S3: 119.24
Trading recommendation:
We are short EUR from 120.40 and we will keep our stop+revers at 120.65. We will take profit at 119.35
