EUR/JPY - Daily
EUR/JPY - 4 Hourly
Wave summary:
We are currently looking for a minor correction in the red wave ii towards 121.46 before the next impulsive rally in the red wave iii can be expected towards 125.37. We are now in the final impulsive rally of the wave 3 towards the ideal target seen at 125,54 from where a larger correction is expected.
To indicate that the correction in the wave ii is completed, a break above minor resistance at 122.23 and more importantly a break above resistance at 122.87 is needed.
R3: 122.87
R2: 122.68
R1: 122.23
Pivot: 121.83
S1: 121.46
S2: 121.28
S3: 120.89
Trading recommendtion:
We are long EUR from 121.40 with stop placed at 120.45. If you don't have any long positions yet, then buy near 121.46 or upon a break above 122.23 and use the same stop at 120.45.
The material has been provided by InstaForex Company - www.instaforex.com