EUR/JPY has finally rallied and broken clearly above resistance at 123.18 confirming that wave 2/ completed the test of 121.59. Wave 3/ now is in motion for a rally above the peak of wave 1/ at 127.02. It may rise higher towards at least 129.38.
Short-term support is now seen at 123.67 and strong support is seen at 123.18, but we doubt that the ongoing minor correction will be able to correct that far.
R3: 125.83
R2: 125.00
R1: 124.31
Pivot: 124.00
S1: 123.67
S2: 123.18
S3: 122.59
Trading recommendation:
We are long EUR from 122.25 and we will move our stop higher to 122.95
The material has been provided by InstaForex Company - www.instaforex.com