EUR/JPY has finally rallied. The pair may reach the 161.8% target for wave iii/ at 119.31. in the short-term, we will see some GO-Stop action in play as the final waves four and five sub-waves will complete wave iii/ at 119.31.
Short-term support is seen in the 117.37 - 117.48 support-zone which is expected to protect the downside for the next push higher to 119.31.
R3: 119.31
R2: 119.00
R1: 118.67
Pivot: 118.20
S1: 117.80
S2: 117.48
S3: 117.24
Trading recommendation:
We are long EUR from 115.65 and we will move our stop higher to 116.00
The material has been provided by InstaForex Company - www.instaforex.com