EUR/JPY has entered a sideways consolidation just as we expected. We will likely see a final spike to just above 126.02 to complete this sideways consolidation and the final leg lower in wave C/ and 2/ close to the ideal target near 124.41. Once the correction in wave 2/ is completed, a new impulsive rally to 129.28 and closer to 135.46 is expected.
R3: 126.32
R2: 126.12
R1: 126.02
Pivot: 125.66
S1: 125.55
S2: 125.25
S3: 124.90
Trading recommendation:
We will buy EUR near 124.41
