Wave summary:
EUR/JPY has seen a new high above 134.88 and more upside will remain expected as long as support at 134.17 is able to support EUR/JPY. The break above resistance seen at 134.50 calls for a possible move higher to 137.37 to complete wave (D) and set the stage for a final decline in wave (E) towards 123.43.
A direct break below 134.17 will indicate a top already is in place and the break above 134.50 was a bull-trap.
R3: 136.05
R2: 135.75
R1: 134.97
Pivot: 134.17
S1: 133.84
S2: 133.62
S3: 133.12
Trading recommendation:
We are long EUR from 134.10 and we will move our stop+revers higher to 134.10.
The material has been provided by InstaForex Company - www.instaforex.com