EUR/JPY peaked at 130.15, just below the ideal target at 130.20. Now we expect the resistance at 129.64 - 129.92 zone will cap the upside for renewed downside pressure towards 123.66 in wave C.
Only an unexpected break above 130.15 will revive wave B for a move closer to the 61.8% corrective target at 130.65 before completing wave B and setting the stage for wave C lower.
R3: 130.15
R2: 129.75
R1: 129.64
Pivot: 129.38
S1: 129.15
S2: 128.82
S3: 128.60
Trading recommendation:
We closed out the final 50% of our long position from 127.75 at 129.30. We will sell EUR at 129.50 and place our stop at 130.25.
The material has been provided by InstaForex Company - www.instaforex.com