EUR/JPY - Daily
EUR/JPY - 4 Hourly
EUR/JPY continues to work its way higher and the break above resistance at 130.40 confirmed that the X-wave completed the test of 127.52 and the final zig-zag rally towards 137.36 now is developing.
Short-term, we could see a minor setback to 129.15 before the next rally higher towards 131.40 and above should be expected.
R3: 133.19
R2: 132.50
R1: 131.40
Pivot: 131.00
S1: 130.22
S2: 129.57
S3: 129.15
Trading recommendation:
We are long EUR from 128.50 with stop placed at 127.75. If you are not long EUR yet, then buy near 129.15 and use the same stop at 127.75.
