EUR/JPY attempted to break just below 124.38 but failed at 124.42. Then it rose as we expected to break above minor resistance at 125.04 confirming that wave C/ and 2/ has completed and wave 3/ higher to at least 129.38 and likely higher to 135.45 now is in motion.
In the short-term, we should expect more upside pressure towards 126.01 before the first more substantial correction sets in, but the main direction now is to the upside, both the short-term and long-term trend and only buying opportunities should be explored.
R3: 126.01
R2: 125.79
R1: 125.53
Pivot: 125.35
S1: 125.20
S2: 125.04
S3: 124.80
Trading recommendation:
We are long EUR from 124.41 and we will raise our stop to 124.35.
