EUR/JPY continued to rise. It could move closer to the 200% extension target at 120.24 before completing wave iii/ and setting the stage for a correction in wave iv/ towards 118.20. This correction should be a complex correction as wave ii/ was a simple zig-zag type of correction.
In the short-term, a break below minor support at 119.39 will indicate that wave iii/ has completed and wave iv is in motion towards 118.20.
R3: 120.64
R2: 120.24
R1: 119.98
Pivot: 119.56
S1: 119.39
S2: 118.88
S3: 118.20
Trading recommendation:
We are still long 25% of the original position from 115.65 and we will re-buy 75% at 118.30
The material has been provided by InstaForex Company - www.instaforex.com