Wave summary:
EUR/JPY is still correcting in wave iv and we still prefer more downside pressure towards 126.87 before the next impulsive rally in wave v towards at least 130.13 is expected. That said, wave iv could turn into a triangle consolidation and in this case, we will not see a break below minor support at 127.41, but a sideways consolidation before the next rally higher.
R3: 130.17
R2: 129.30
R1: 128.89
Pivot: 128.50
S1: 128.28
S2: 127.81
S3: 127.41
Trading recommendation:
We are looking to re-buy EUR at 127.00.
