EUR/JPY has finally begun its drop towards our ideal target at 122.15. This should complete the corrective decline in wave 2/ and set the stage for a new impulsive rally in wave 3/ to above the former peak at 127.07.
Only a direct break above minor resistance at 122.90 will indicate that wave 2/ has already completed and wave 3/ higher is in motion.
R3: 123.43
R2: 122.90
R1: 122.74
Pivot: 122.55
S1: 122.25
S2: 122.15
S3: 122.00
Trading recommendation:
We are short EUR from 123.90 and we will lower our stop+revers to 122.95. We will take profit+revers our short-position to a long EUR position at 122.25
