EUR/JPY - Daily
EUR/JPY - 8 Hourly
Wave summary:
We still favor an expanded flat correction as wave (iv) and look for a decline towards 119.70 before wave (iv) is complete and the final rally higher in wave (v) of 3 will be expected for a rally towards 126.54.
Short-term minor resistance at 122.83 max. 123.34 will cap the upside for the break below 122.03 that will confirm more downside towards 120.10 and likely closer to 119.70 before the correction in wave (iv) is complete.
Trading recommendation:
We are short EUR from 123.50 and will move our stop lower to 123.40. Take profit will remain at 120.25.
