EUR/JPY also failed to hold above minor support at 119.91. It indicates that a complex double zig-zag was unfolding similar to blue wave ii. The correction in blue wave ii likely to be complete with the test of 119.62. We need a break above minor resistance at 120.30 to confirm that blue wave ii has completed and blue wave iii is developing higher to 121.98.
Support is now seen at 119.79 and strong support is at 119.62.
R3: 120.64
R2: 120.39
R1: 120.30
Pivot: 120.13
S1: 119.94
S2: 119.79
S3: 119.62
Trading recommendation:
We are long EUR from 117.25 with our stop placed at 119.30. If you are not long EUR yte, then buy a break above 120.30 and use the same stop at 119.30.
The material has been provided by InstaForex Company - www.instaforex.com