We think that the corrective dip to 120.36 only was the first part of a slightly more complicated correction that ultimately will bring EUR/JPY down to 119.87. This dip will complete red wave ii and set the stage for the next impulsive rally towards 124.64 which is the next minor upside target.
In the long- term, we are looking for much higher levels with the next serious resistance seen near 129.50.
R3: 121.47
R2: 121.30
R1: 121.07
Pivot: 120.80
S1: 120.64
S2: 120.25
S3: 119.87
Trading recommendation:
We are long EUR from 117.25 with our stop placed at 119.00
The material has been provided by InstaForex Company - www.instaforex.com