Wave summary:
EUR/JPY continues to rally nicely and followed the expected path almost to perfection. The rally in wave iii has reached its minimum target and could be topping near 128.14 for a short-term correction close to 126.80 before higher again in wave v towards 133.34. That said, we would prefer to see wave v/ of iii move a little higher to 129.09 before completing and set the stage for a correction in wave iv towards 127.00.
R3: 129.10
R3: 128.50
R1: 128.14
Pivot: 128.00
S1: 127.78
S2: 127.62
S3: 127.25
Trading recommendation:
We are long EUR from 124.46 and will our stop higher to 126.40. If you are not long EUR yet, then wait for a correction to near 127.00 before buying and use the same stop.
The material has been provided by InstaForex Company - www.instaforex.com