Wave summary:
EUR/JPY refuses to correct low and we have to seriously consider the possibility of a wave iv running triangle unfolding instead of the expected expanding flat correction. If a triangle is unfolding, it could be complete with the test of 122.00 and wave (v) higher towards 126,54 is ready to unfold.
A clear break above minor resistance at 123.12 will be the first indication that the triangle consolidation could be complete, while a break above resistance at 123.85 will confirm its completion for the rally higher towards 126.54
Trading recommendation:
We will buy a break above 123.12 with stop placed at 121.90
The material has been provided by InstaForex Company - www.instaforex.com