EUR/JPY dipped to the 61.8% corrective target of wave i at 123.41, which also where the support line from the 114.40 low was seen. This solid support is expected to protect the downside for a break above minor resistance at 123.99 to confirm wave ii has completed and wave iii towards 128.02 is unfolding.
R3: 124.18
R2: 123.94
R1: 123.76
Pivot: 123.80
S1: 123.38
S2: 123.19
S3: 123.00
Trading recommendation:
We are long EUR from 123.48 with our stop placed at 123.00. Upon a break above 123.99 our stop will be raised to 123.30
