EUR/JPY is finally showing signs that the correction in blue wave (2) has come to an end with the test of 129.12. To confirm this is the case, we need a break above resistance at 130.51, the finally will confirm that blue wave (2) is complete and blue wave (3) towards 138.10 has started unfolding.
Support is now seen at 129.75 and then at 129.36.
R3: 131.27
R2: 130.85
R1: 130.51
Pivot: 130.15
S1: 129.75
S2: 129.36
S3: 129.12
Trading recommendation:
We bought EUR at 129.80 and has placed our stop at 129.00. If you are not long EUR yet, then buy near 129.35 or upon a break above 130.51 and use the same stop at 129.00
The material has been provided by InstaForex Company - www.instaforex.com