EUR/JPY seems to have completed wave 2 with the test of 121.59 and should ideally stay above here for a break above minor resistance at 123.07 and more important for a break above
the resistance level at 124.22 that will confirm the complition of wave 2 and wave 3 being in motion. Wave 3 should rally to the minimum of 129.06 and even higher.
Only an unexpected break back below 121.59 will keep wave 2 alive and call for a move closer to 120.37 before completing wave 2.
R3: 125.03
R2: 124.23
R1: 123.10
Pivot: 122.66
S1: 122.26
S2: 121.59
S3: 120.37
Trading recommendation:
We are long on EUR from 122.25 with our stop placed at 121.60
The material has been provided by InstaForex Company - www.instaforex.com