EUR/JPY is currently building a wave iv correction. It is likely to decline to 123.78 before the next impulsive rally higher towards 127.25 and ideally closer to 129.26 is seen. Short-term support is located near 124.21 and at 123.78 which may protect the downside for the next impulsive rally higher.
R3: 125.82
R2: 125.59
R1: 125.43
Pivot: 125.01
S1: 124.63
S2: 124.21
S3: 123.78
Trading recommendation:
We will but EUR at 123.85 or upon a break above 125.41
