Wave summary:
EUR/JPY continues to gain towards the upside. We continue to look for more upside pressure with 121.28, as the next minor target on the way higher towards 124.09 and higher to 125.93. That will complete wave 3. Short-term minor support seen at 119.86, ideally it will be able to protect the downside for the test and a break above 121.28.
R3: 121.75
R2: 121.28
R1: 120.65
Pivot: 120,30
S1: 119.86
S2: 119.50
S1: 119.00
Trading recommendation:
We are long EUR from 119.86 with stop placed at 118.60. If you are not long EUR yet, then buy near 119.86 and use the same stop.
The material has been provided by InstaForex Company - www.instaforex.com