Wave summary:
EUR/JPY broke above resistance seen at 124.94 indicating the rally of the 122.53 low was impulsive (in 5 waves). This means that wave B completed with the test of 122.53 and wave C towards 138.50 now is developing.
The impulsive rally from 122.53 to 125.30 marks wave i and a correction in wave ii is now expected towards the 123.59 - 123.92 area before the next impulsive rally higher towards 134.30 and 138.52.
R3: 127.33
R2: 125.82
R1: 125.30
Pivot: 124.75
S1: 124.39
S2: 123.92
S3: 123.59
Trading recommendation:
Our stop was hit at 125.00 for a loss. We will re-buy EUR at 124.10
