EUR/JPY has seen the expected corrective dip towards 128.29. The low has been seen at 128.41 but we are looking for a tiny bit more towards the downside for the expected test of 128.29 before the next impulsive rally higher in red wave v/ to above the peak of red wave iii/ at 130.66.
Short-term more downside pressure towards 128.29 is expected as long as minor resistance at 128.77 is able to cap the upside. from 128.29 or upon a break above minor resistance at 128.77 will indicate that red wave iv is complete and red wave v/ is developing for a rally past 130.66.
R3: 129.92
R2: 129.46
R1: 128.77
Pivot: 128.60
S1: 128.41
S2: 128.29
S3: 128.18
Trading recommendation:
We will buy EUR at 128.40 or upon a break above 128.77.
