EUR/JPY is currently correcting after its rally seen on Friday. This correction will likely see its limit near 119.01 for the next move higher towards the short-term target at 121.93.
In the longer-term, we expected EUR/JPY to move much higher as the huge 11 years triangle completed with the test of 115.87 and a new mulity year rally should be expected. If wave [C], which is now developing, becomes equal in length to wave [A] then the ideal target for wave [C] is seen at 196.88.
For now, we should be looking for support near 119.01 for the next rally higher towards 121.93.
R3: 120.55
R2: 119.96
R1: 119.72
Pivot: 119.39
S1: 119.01
S2: 118.65
S3: 118.45
Trading recommendation:
We are long EUR from 117.25 and we will move our stop higher to 118.00.
The material has been provided by InstaForex Company - www.instaforex.com