Wave summary:
EUR/JPY continues to push higher towards the 137.37 target for wave (D). Once this target is tested, wave (E) is expected to take over for a decline towards 123.43.
Support is now seen at 135.55 and a break below it will be the first warning of possible exhaustion, but only a break below minor support at 134.78 will confirm that wave (D) has been completed and wave (E) is developing.
R3: 137.37
R2: 136.71
R1: 136.55
Pivot: 135.55
S1: 134.78
S2: 134.58
S3: 133.89
Trading recommendation:
We are long EUR from 134.10 with our stop + revers placed at 134.75. We will place our take profit+revers at 136.75.
The material has been provided by InstaForex Company - www.instaforex.com