EUR/JPY corrected perfectly to the 61.8% target at 115.33 before going higher as expected. We will now be looking for a break above minor resistance at 116.38. A break above resistance at 116.86 will confirm that the next impulsive rally in wave iii/ is in motion to 119.34 and likely even closer to 121.16 on the way higher to 122.88. There we find strong resistance.
Short-term support is seen at 115.77 and strong support is seen at 115.48. It should be able to protect the downside and send EUR/JPY higher again.
R3: 116.86
R2: 116.37
R1: 115.92
Pivot: 115.77
S1: 115.61
S2: 115.48
S3: 115.29
Trading recommendation:
We bought EUR at 115.65 and have our stop placed at 114.35 for now
