Wave summary:
EUR/JPY has now spiked to resistance at 116.55 indicating that a low is in place at 114.82 and a new rally to above 124.09 should be expected. Short term, we should expect a minor set-back towards 115.70 before the next impulsive rally higher towards 118.25. Above here, it will confirm the low has been seen and confirm a rally back to 122.88 and 124.09 on the way higher.
R3: 117.47
R2: 116.85
R1: 116.61
Pivot: 116.40
S1: 116.24
S2: 115.94
S3: 115.72
Trading recommendation:
We are long EUR from 115.25 with stop placed at 114.75. If you are not long EUR yet, then buy near 115.72 and use the same stop at 114.75.
The material has been provided by InstaForex Company - www.instaforex.com