EUR/JPY has turned lower as expected. The minor rally from 121.44 did not display an impulsive structure which calls for more downside pressure closer to strong support near 121.00 before a more solid bottom is expected. After that, the next impulsive rally begins.
Only a direct break above resistance at 122.09 will indicate a bottom and thar the next impulsive rally to above 123.38 is developing.
R3: 122.54
R2: 122.39
R1: 122.09
Pivot: 121.93
S1: 121.59
S2: 121.29
S3: 121.00
Trading recommendation:
The final 50% of our position from 121.50 was sold at 121.79. We will buy EUR again at 121.15 or upon a break above 122.09
The material has been provided by InstaForex Company - www.instaforex.com